HOUSING LOAN
This query is : Resolved
14 February 2011
I WANT TO KNOW THE TREATMENT OF PAYMENT OF PRINCIPAL AND INTEREST TO BANK , ON HOUSE LOAN, IN INCOME TAX RETURN.
14 February 2011
Payment of principal amount of loan can be claimed as deduction u/s 80c. And payment of intrest can be claimed as deduction u/s 24 under income from house property . Upto max of Rs.30000 in case of selfoccupied house. And without any limit in case of whole let out.
14 February 2011
Conditions :
1. You own the house
2. house is self occupied.
3. you have taken the home loan in your name.
4. you have the possession of the house.
if the above conditions are fulfilled...
you will get deduction upto Rs. 100000/- towards principal repayment under section 80C.
& Deduction under section 24 upto Rs. 150000/- towards interest paid.
1. You own the house
2. house is self occupied.
3. you have taken the home loan in your name.
4. you have the possession of the house.
if the above conditions are fulfilled...
you will get deduction upto Rs. 100000/- towards principal repayment under section 80C.
& Deduction under section 24 upto Rs. 150000/- towards interest paid.
14 February 2011
If out of 4 conditions , in condition 2...if the house is let out... then there is no limit for interest deduction under section 24.
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