Interest on housing loan for the accounting year comes around Rs. 2,25,000 and I contructed my house on January 2006. How much the interest to be deducted in House Property Income? Shall I deduct such interest in section 80C?
Menu
INTEREST ON HOUSING LOAN & SECTION 80C
Replies (29)
maximum 1.5 lacs u can claim. + repayment of loan. -regards: ramalingams mysore
IF YOUR PROPERTY IS SELF OCCOPIED , THEN INTEREST IS LIMITED TO 150000/- AND CAN BE SET OFFAGAINS OTHER INCOME . IF YOU WOULD HAVE LET OUT, NO LIMIT AND FULL AMOUNT OF INTEREST CAN BE CLAIMED. THE INTEREST IS NOT ELIGIBLE FOR 80 C DEDUCTION. BUT REPAYMENT OF PRINCIPAL CAN BE INCLUDEDIN 80 DEDCUTION MAXIMUM UP TO 100000/-
BENIFIT FOR DEDUCTION OF INTEREST ON HOUSE PROPERTY FOR LOAN TAKEN CONSTRUCTION OF IT IS AVAILABLE FOR A CONSICUTIVE OF FIVE YEAR AFTER THE CONSTRUCTION IS COMPLETED AND DEDUCTION U/S. 80C IS NOT AVAILABLE
If the house is self occupied, You can claim interest of Rs.150000/- u/s 24. You can claim the repayenmt of principal u/s 80C upto a max of Rs.100000/-.
If the house is let out there is no restriction on claiming interest u/s 24. The actual amount of interest paid can be claimed as deductiion.
The real confusion in the minds of saried people generally is this that the deduction of interest is from salary income .BUT ACTUALLY IT IS A CASE OF COMPUTATION OF LOSS FROM HOUSE PROPERTY AFTER ALLOWING DEDUCTION FOR ELIGIBLE INTEREST . THEN LOSS IS SET OFF FROM SALARY INCOME. NET EFFECCT MAY BE SAME.
If ur property is Self Occupied & u have bought loan on or after Apr.1'1999 then u can get deduction for Rs.150000 under Income from House Property.otherwise only Rs. 30000.
Self Occupied property is eligible for interest deduction of Rs.150000. If it is let out, then whole amount of interest paid during the year can be claimed.However, only principal amount of loan repaid is eligible for deduction u/s. 80C upto Rs. 1 lac and not the interest amount.
u adjust in House / property income 1.5 lac intrest is O.K but principal amount is in 80 C,Not Intrest
If i had paid Stamp Duty and Registeration Fees on time of Buying FLAT. Will i get deduction U/s. 80C
Hi
I have similar type of query. Can an employee take the benefit of Interest Payment (u/s 24) on repayment of housing loan for 2 houses. Out of which one is self occupied & the other is vaccant. If yes, what is the limit?
U/S 80 c up to which amount of pricipal repayment is allowed. I think Rs. 20000.
Pl. advice
Pl. advice
YOU CAN CLAIM UPTO Rs.1 LAC U/S 80C WHETHER IT IS PREPAYMENT OF HOUSING LOAN OR TUITION FEE OR ELSS INVETMENT. THE MXM LIMIT IS 1 LAC.
intrest part is not covered in 80C.
Can an individual claim exemption w.r.t. Housing Loan if he has taken 2 housing loans with different banks for constructing 2 different houses. is he eligible for exemption one house is self occupied and the otherone is let out.
Please clarify..
Recent Topics :
- 12A registration expired in FY 22-23 and is not re
- Seeking Clarification on Business Code Selection a
- CG on property sold after construction of a house
- Nursing Home Taxability
- CA opted for Form 10IEA mistakenly - Demand raised
- Query on scenario related to FAST DS 2026
- Audit Executive (Remote, India) - Ace Auditing Off
- GST Transaction On Used Clothing
- ITC availed on 5%-rate passenger transport (AC bus
- Extension of Due Date of AY 2026-27
Related Topics :
ARTICLESHIP
15 September 2026
Freelance Taxation Content Writer Intern
Interactive Media Pvt Ltd.
New Delhi
CA Inter
View Details
ARTICLESHIP
01 September 2026
Articles
Saini Pati Shah & Co LLP, Chartered Accountants
Mumbai
CA Foundation
View Details
ARTICLESHIP
21 September 2026
CA Article Assistant
KK & Company Chartered Accountant
Pune
CA Inter
View Details
ARTICLESHIP
16 September 2026
Article Assistant
MANUJ SHARMA AND COMPANY
Noida
CA Inter
View Details
CCI
Pro
CAclubindia
