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Q. > Please Help: Query regarding house property
Dear Sir,
I have following queries:-
Q1. Can benefit of Principal amount be claimed on home loan during the property under construction us 80C. (Possession not taken).
Q2. Suppose I purchased a house and lying vacant. Home loan is going on for vacant house. I am living in a rented property and claiming HRA benefit. Can I claim benefit of sec 24(b) for vacant house. Will its treatment be given as self occupied or let out.
Thanks & Regards
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SUBHASH KUMAR JHA
26-Jul-2013 , 03:18:34 pmAnswer 1.yes benifit of repayment of housing loan principal amount can be taken u/s 80C subject to max of 1,00,000 . it doesn"t matter that property is under construction or construction completed. Answer 2.According to section 24(b) of income tax act if house property is self ocupied then max interest ewhich will be allowed as deduction is Rs.1,50,000.if you are claiming HRA this is irrelevant for sec this section. so you cxan claim benifit of it.