09 February 2010
If i take a home loan for self occupied property for Rs 16 lacs and EMi comes to 16thousand,what is the income tax benefit i will get ,in my salary tax payment
09 February 2010
In the EMI Principle and Interest element are included. For the principal repayment you can claim the deduction u/s 80C upto a maximum of Rs.1,00,000 and for the Interest part you can claim the deduction from Income from House property upto a maximum of Rs.1,50,000.
09 February 2010
Yes, agree with expert. However I would like to add that interest will be deducted on accrual basis, whether the same has been paid during the year or not, you should have certificate of accrual of interest.
09 February 2010
agree with experts. u/s 80C principal deduction upto 100000/- interest u/s 24 upto 150000/- on accrual basis. But 80C will be on payment basis
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