C.A.
43 Points
Posted on 22 January 2011
SHAHBAZ,AS PER SECTION 80C,ANY REPAYMENT OF LOAN(PRINCIPAL) FOR CONSTRUCTION OR PURCHASE OF NEW RESIDENTIAL(NOT OLD,NOT COMMERCIAL)EVEN IT IS SELFOCCUPIED OR LETOUT FROM GOVT.APPROVED INSTITUTION OR ANY BODY SET UP UNDER THE ACT OF PARLIAMENT OR STATE OR NOTIFIED INSTITUTION QUALIFIES FOR DEDUCTION SUBJECT TO CEILING LIMIT OF RS.100000/-.AS U DIDNOT MENTION THE PURPOSE FOR LOAN,ASSUMING IT FALLS IN ABOVE CRITERIA,AND NHB BEING NOTIFIED INSTITUTION,WHOLLY OWNED SUBSIDIARY OF RBI,QUALIFIES FOR DEDUCTION OF PRINCIPAL PART IF ONLY ITS BRAND NEW CONSTRUCTION OR PURCHASE OF RESIDENTIAL HOUSE,EVEN IT IS S/O OR LETOUT.
CHECK THIS LINK FOR VERIYING IF NHB IS NOTIFIED INSTITUITION VIDE IT DEPARTMENT ORDERS AT :
https://www.nhb.org.in/Press%20Release/New_Schemes_of_Resource_Mobilisation.php
I HOPE I ANSWERED UR QUERY.THANKS SHAHBAZ FOR POSTING SUCH QUERY,IT HELPED ME IMPROVE MY KNOWLEDGE BY RESEARCHING UPON IT.