Home loan repayment exemptions
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 January 2010
I took home loan from Allahabad bank during Nov’2009 for which EMI set to Rs 9000/- . I have an query regarding tax liability, even after consider the EMI under exemptions, I have to pay IT Rs 5000/- for the FY 2009-10. To skip Income Tax liability, if I pay additional Rs 50000/- against home loan then will it be exempted? is it advisable? and how the bank will treat this additional repayment?
Shall feel highly thankful on throwing the light on this.
Warm regards,
Shall feel highly thankful on throwing the light on this.
Warm regards,
02 January 2010
one thing for sure...
only 1 Lakhs avaiable in u/s 80C which is including your H.L Principle amount.. and about your H.L interest its 24(b) max.upto 1.5 Lakhs is deductible after u/s 80C deduction.
So,how much you are paying in not important but if its under any reliable sec. to its important otherwise you have to calcute the investment what you are going to get exemption from IT. ok
Hope you will be better understood what I was saying.
only 1 Lakhs avaiable in u/s 80C which is including your H.L Principle amount.. and about your H.L interest its 24(b) max.upto 1.5 Lakhs is deductible after u/s 80C deduction.
So,how much you are paying in not important but if its under any reliable sec. to its important otherwise you have to calcute the investment what you are going to get exemption from IT. ok
Hope you will be better understood what I was saying.
02 January 2010
For Home Loan Repaid:
1. Interest charged is a loss under house property and can be set off against other income.
2. Principal repayment upto 1Lakh can be claimed u/s 80C.
1. Interest charged is a loss under house property and can be set off against other income.
2. Principal repayment upto 1Lakh can be claimed u/s 80C.
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