HELLO FRIENDS, MY CLIENT HAS STARTED THE CONSTRUCTION OF HOUSE IN AUGUST 2012.
DURING THE PREVIOUS YEAR HE HAD PAID INTEREST Rs. 36,000 and principal Rs. 45,000.
CONSTRUCTION IS NOT YET COMPLETED.
HE CANNOT CLAIM THE INTEREST DEDUCTION BECAUSE THE HOUSE IN NOT YET COMPLETED CAN HE CLAIM THE PRINCIPLE REPAYMENT OR NOT.
IS THERE ANY CONDITION FOR PRINCIPLE REPAYMENT ALSO OR NOT.
PSL. HELP ME.
THANKS.
Hi. Raj,
As per 80C of the income tax act, repayment of principal is allowable of dedction. In this section there is no condition that the house should be completed as in 24(b) of the income tax act.
So your client can claim dedcution of repayment of capital u/s 80C
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