please tell me how much amount can claim and year of deduction.
I know about section 24 that pre construction period of int amount will be allowed in five installments.
thanks
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Regarding deduction in 80C for principal payment of loan in case of construction of house property
Replies (4)
1. Principal repaid will be allowed in the year of payment. The condition specified u/s 80C(2)(xviii), is that payment should have been made during the year and property should not be sold for a period of 5 years from the date of possession.
2. In your case, the principal portion should have been paid during the year and it should be for the purpose of construction of house property. On satisfying of both these conditions sec 80C deductions will be allowed to a maximum of Rs. 1.5 lakhs during the year.
Please correct me if the above solution has an alternative view.
Can we claim this deduction in year of construction or after construction is compeleted.?
Whenever the principal is paid. Year of payment.
The amount paid as Repayment of Principal Amount of Home Loan by an Individual is is allowed as tax deduction under Section 80C of the Income Tax Act. The maximum tax deduction allowed under Section 80C is Rs. 1,50,000 . (80C(2)(xviii) You have to Keep property for 5 years meaning you can't sale
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