Income tax deduction for payment of housing loan principal

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16 Points Posted on 02 September 2021
Dear Experts,

please reply whether an individual can get any benefit from income tax for repayment of principal of housing loan taken from Bank.

thanks in advance
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On 02 September 2021 at 20:56 Report
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Quick Summary
Yes, individuals can claim an income tax deduction for the repayment of the principal amount of a housing loan taken from a bank. This deduction falls under Section 80C of the Income Tax Act. However, there's a maximum limit of £1.5 lakh for this deduction, and it's only applicable if the construction of the house is complete.

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6 Points Posted on 03 September 2021
Yes you can claim deduction under sec 80 C but maximum deduction is upto 1.5 lac.
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On 03 September 2021 at 03:08
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CMA
13117 Points Posted on 03 September 2021
Yes, provided the construction of the house is complete.
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On 03 September 2021 at 15:25

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