Housing loan tax rebate

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 December 2014 DEAR

PLEASE TELL ME IN DETAIL ABOUT TAX BENEFIT ON HOUSING LOAN

WHAT AMOUNT CA WE CLAIM FOR TAX REBATE
IN BOTH (PRINCIPLE + INTEREST)

AND FOR HOW MANY YEARS WE CAN CLAIM HOUSING LOAN TAX BENEFIT

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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11 December 2014 Housing loan deduction is

Principal under section.80C maximum of Rs.1 lakh

Interest portion is Rs.1.50 lakhs in case house is self occupied and actual interest amount incase let out property u/s.24(b)

Querist : Anonymous

Querist : Anonymous (Querist)

12 December 2014 Thax sir

pleaee tell me for how long can we avail this rebate
i.e., is this rebate can be availed only for first year or also thereafter

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CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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12 December 2014 you can avail this rebates till the closure of your housing loan.

Querist : Anonymous

Querist : Anonymous (Querist)

12 December 2014 ok thx sir this was a great help