Need Details On Tax Benefits From Housing Loan

Hi ,

Can anyone just brief me on the tax deduction facilities available for housing loan ?
Is the tax exemption for Housing Loan principal and interest payment , part of the tax exemption for investments (mutual funds, NSC etc upto 1 lakh max) or is it an additional option other than the investments .
Can you please clear this at the earliest ?
Awaiting a positive response.
Thanks in advance,
KK2202

Hi,
Interest on HL is covered under section 24(1) of Income tax act under Income from House Property.The limit for exemption is Rs 1.5 lacs agst the income and is considered as Loss on house property.
The Principal amount of HL is part of the section 80Cc wherein the total limit is Rs 1lacs including the PPF,PF,LIC etc ...
Hope this answers your query.
Regards
Sunil

Hai sunil
whether the rebate and income from houseproperty part of repayment of housing loan (principal & Interest) paid in this can this take in next year's income?
pls suggest
Tks
Jagan
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