27 June 2011
I have taken a home loan and I had paid Instalment of Rs. 10,000/-p.m.(Rs. 5000 as interest)& total amount paid during the year is 1,20,000/- (including interest of Rs.60,000) during last year . Can i claim deduction under Income Tax Act. If yes then wt amount will be exempt from tax whole instalment of Rs. 10000/- or only interest of Rs.5000/- & under which section.
27 June 2011
Ampount paid toward principal will be eligible for deduction u/s 80C and amount paid towards interest is eligible as claim under income from house property that means ur house property income will be negative by interest amount.
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