Hi,
I have an home loan for my self occupied home. Please tell me how can i get exemption from income tax.
Note: i'm an salaried employee.
Manjunath S (1 Points)
21 April 2018Hi,
I have an home loan for my self occupied home. Please tell me how can i get exemption from income tax.
Note: i'm an salaried employee.
Rahul Prajapati
(Student)
(2282 Points)
Replied 21 April 2018
The interest portion of the EMI paid for the year can be claimed as a deduction from your total income u/s 24.
The Principal portion of the EMI paid for the year is allowed as deduction u/s 80C. The maximum amount that can be claimed is up to Rs 1.5 lakhs.
you must satisfy before you go on to claim the benefit under this section –
If you are able to satisfy conditions of both Section 24 and Section 80EE, both the benefits shall apply to you. First exhaust your limit under section 24 and then go on to claim the additional benefit under section 80EE.
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