Home loan

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 April 2012 I have taken ho,me loan from Co Op Credit Society of Rs.12 Lacs.
Will i get any deduction under I Tax Act from this Home loan & its Interest?
Pl Advice.
Thanks

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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03 April 2012 1. You will get the deduction of the interest amount.

2. You will get the deduction for principal amount if the co-operative society is engaged in the business of financing the construction of houses.

CA Kishore Tallam

CA Kishore Tallam (Expert)
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03 April 2012 Agree with Mr. Siddhartha.
But the total home loan amount will not be given as deduction. The amount which is paid only will be allowed as deduction subjected to a max cap of Rs. 100,000 (assuming no other deductions claimed under 80C).

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Querist : Anonymous

Querist : Anonymous (Querist)

03 April 2012 dear sir means i will get dedn only for rs.100000/-.pl clarify

CA Kishore Tallam

CA Kishore Tallam (Expert)
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03 April 2012 Yes. In respect of principal repayment, maximum deduction is only Rs. 100,000.

Querist : Anonymous

Querist : Anonymous (Querist)

03 April 2012 thnx sirji