Q1)If Mr X is paying home loan EMI can he claim HRA exemption & tax rebate as well.
Q2) What is the maximum tax rebate one can avail of on repayment of home loan EMI.
1 Replies
Amir
(Learner)
(4016 Points)
Replied 29 April 2010
Dear Yogita,
1) Both HRA exemption & Tax benefits on account of home loan repayment can be claimed simultaneously.
2) Maxium amount that can be claimed in case of repayment of loan {make sure construction of house has been completed or posession has been received} -
Principal portion of EMI - Maximum Rs. 1 Lac u/s 80C
Interest portion of EMI - Max. Rs. 1.50 lacs if House is self occupied
- Without any limit if house is let out or deemed to be let out
{in case more then one house is self occupied then only 1 house can be claimed as "self occupied" & rest will be treated as "deemed let out"}
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