DEDUCTION ON REPAYMENT OF HOUSE LOAN UNDER SECTION 80C
Source : www.simpletaxindia.net DEDUCTION ON REPAYMENT OF HOUSE LOAN UNDER SECTION 80C 1. Deduction for house loan /instalment available up to Rs 150000/- under section 80C (earlier limit was Rs.100000 /-) 2. The limit of Rs 150000 as above is total limit u/s 80C for all type of savings, plus section 80CCC(pension policy) plus u/s 80CCD (Contributory Pension Plan). Means the aggregate amount of deduction under above referred sections cannot exceed Rs. 1,50,000. 3. The payment of loan should be made towards cost of purchase/construction of new residential house property. 4. The house property income should be assessable in the hand of assessee in simple term assessee should be the owner of the house property. 5. The house loan should not be for addition or alteration to,or renovation or repair of house property 6. House construction must be completed before the end of the previous year (read details here) Completion of house means 1. completion certificate in respect