How to take benifit from Housing Loan ?

This query is : Resolved

Ganesh (Querist)
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29 April 2008 How to take the benefit in case of Hosing loan ?
1. when we are paying yearly Instalment of Rs. 2,40,000/- ( is it whole exempted under sec 80C )
2. The interest is rs. 125000/- yearly. Is it exempted as a whole amount ?

How to take the expemption ? pl explain ...

Ganesh

Ganesh (Querist)
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29 April 2008 Urgent

Sandeep Aggarwal

Sandeep Aggarwal (Expert)
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29 April 2008 Hello Mr.Ganesh

The exemption of principal component is allowed in section 80C upto Rs 100000 only, u cannot take exemption of Rs 240000

So far as interest component is concerned,
It is allowed u/s 24(b) upto Rs 150000. only in case where u took loan after 1.04.1999 and have completed the construction with in 3 years or purchase house with in 3 years of date of taking loan.

In case of any other clarification feel free to write me

CA Sandeep Aggarwal

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CA BHARATH KUMAR

CA BHARATH KUMAR (Expert)
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11 July 2012 repayment of principal (u/s 80c total limit 1,00,000/-)- 100000
and As per Sec 24(b) of the Income Tax Act, 1961 in India a deduction up to Rs. 150,000 can be claimed as tax exemption on housing loan. This deduction is claimed towards the total interest that we pay on the home loan towards purchase or construction of house property while computing the income from house property.