Can an assessee claim deduction u/s 80C for repayment of any number of housing loans?
An assessee has claimed deduction for principal repayment of 2 loans taken for self occupied house and 1 loan on let out property. Is it allowed?
Menu
housing loan
Replies (2)
Yes. There is no restriction as to the number of houses for claiming Deduction u/s 80-C towards repayment of Principal for Housing Loan.
You may visit https://www.apnaloan.com/taxtips/home-loan-india/deductiononmorethanoneproperty.html
Further supplement to Sri subba Raos clarification, payment of principle is allowable under section 80 (C) up to a maximum of Rs. 1 lack.
For the purpose of Income from House Property, You may have to declare only one house as Self Occupied and others as let out and u should declare rent receved as income. It you have more amount on accoun of interest on borrowed capital, U can claim Rs. 1, 50,000/- limit in respect of only one house which is to be declared as Self Occupied. Others u have to declare as let out where other provisions like property tax, annual value etc., would come into picture.
Recent Topics :
- CA FINAL FR FINANCIAL INSTRUMENTS (Ind AS 109) Dou
- 70:30 GST rule for solar EPC: partial scope (struc
- TDS on Redevelopers hardship allowance received no
- Who will take FSSAI AND TRADE LICENSE: owner or te
- E Way Bill in respect of Without Bringing Material
- FAST DS 2026 query
- Consultation
- E-way notices for FY 22-23
- Gst file not created
- Regarding 3CEB query
Related Topics :
CAclubindia
