REPAYMENT OF HOUSING LOAN?????????????

Deduction is allowed only if the construction is completed

Originally posted by : lucky
	HI EVERYONE, REPAYMENT OF HOUSING LOAN (PRINCIPAL AMOUNT) IS ELIGIBLE FOR DEDUCTION UNDER SECTION 80-C, EVEN CONSTRUCTION IS COMPLETED OR NOT. IS THIS RIGHT (DATE OF COMPLECTION OF CONSTUCTION DOES'NT MATTER) PLZ COMMENT ??????????????

Mr. Mukesh Rawal, Pls Check .........There is No Relevancy For Construction.

Ya.. Deduction is Allowed under Section 80C , Even Construction is not Completed.

But Interest paid allowed Only After Construction completed Unser Sec 24(B)

Ofcoarse its allowed... Coz construction does take time... And so, all th principal amount paid for such construction (though not completed) are eligible for deduction

Repayment of principal portion of outstanding loan is allowed under 80C whether or not construction of the property is completed. Further, construction of property does not have any relevance to claim deduction under chapter VIA

YES DEDUCTION U/S 80C IS ALLOWED ON REPAYMENT OF HOUSING LOAN EVEN IF HOUSE NOT CONSTRUCTED.

YES. MUKUSH RAWAL. YOU ARE RIGHT. I CLEAR THIS DOUBT FROM ICAI PCC MAY 2008 SUGGESTED ANSWERS. THANKS MR. RAWAL

Sorry.....i forgot

repayment of housing loan principal - deduction is allowed only if the construction is complete... pre construction principal is not allowed u/s 80c but pre construction interest is allowed u/s24