Can i get the deduction of interest on housing loan, if interest amount is over Rs. 1 lac, then what amt i can claim Rs.1 lac or actual?
pls. tell me.
Guest
Guest
(Expert)
26 June 2009
You can claim housing loan interest upto 1.5 Lakh but your actual interest payment is less than 1.5 lakh then in that case only actual interest payment will be exempt in your taxable income.
At present, taxpayers taking housing loans are eligible for income-tax exemption on interest payment of up to Rs 1.5 lakh every year. Besides this, the repayment of principal amount is part of investments eligible for benefit under Section 80(C) of the Income-Tax Act, which has a ceiling of Rs 1 lakh.
26 June 2009
Further adding, limit of 1.5 lakh for interest is for self occupied house. in case, you have let out house, then you can even claim exemption for more than 1.5 lakhs on accrual or cash basis whatsoever. it is allowed under sec 24B of IT act.
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