Query on tax exemptions under 80c

Dear Tax Experts,

I have 2 queries regarding tax exemptions under 80c:

1) I have a home loan and paying EMIs for an under construction Flat in Delhi NCR. Can I declare the repayment of Principal Amount towards tax ememption?

2) My mother bought NSC in the name of my child, but kept herself as nominee (bad choice though). Can I declare these NSC amount towards tax exemption in 80c on my name?

Thanks
Susheel

Replies (4)

Until and unless you pay u cant claim deduction under 80 C . Principal portion you can claim deduction under 80 C

Tax benefit of home loan under section 80 C for repayment of principal part of the home loan is allowed only after the construction is complete and the completion certificate has been awarded. So u can't claim deduction.

Hello,

NSC also not allowed as deduction to you u/s 80C.

Hi,

You cannot claim Principal of House Loan for the House WHICH IS UNDER CONSTRUCTION .

Once House finished you claim these as 'Prior Period Instalments'

NSC (VIII) Or NSC (IX) issus is eligible under 80C

Refer the section analysis of Section 80C In https://www.exploreincometax.com/Indian-Income-tax-Act-1961/Section-80C

 

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