Hi,
Can anyone brief me on the tax deduction facilities available for a housing loan? Is the tax exemption for the Housing Loan principal and interest payment part of the tax exemption for investments (mutual funds, NSC, etc., up to 1 lakh max), or is it an additional option other than the investments?
Can you please clarify this at the earliest? Awaiting a positive response.
Thanks in advance,
KK2202
From India, Tiruvalla
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Can anyone brief me on the tax deduction facilities available for a housing loan? Is the tax exemption for the Housing Loan principal and interest payment part of the tax exemption for investments (mutual funds, NSC, etc., up to 1 lakh max), or is it an additional option other than the investments?
Can you please clarify this at the earliest? Awaiting a positive response.
Thanks in advance,
KK2202
From India, Tiruvalla
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Hi,
Interest on Home Loan (HL) is covered under Section 24(1) of the Income Tax Act under "Income from House Property." The limit for exemption is Rs 1.5 lakhs against the income and is considered as a loss on house property.
The principal amount of the Home Loan is part of Section 80C, wherein the total limit is Rs 1 lakh, including the Public Provident Fund (PPF), Provident Fund (PF), Life Insurance Corporation (LIC), etc.
Hope this answers your query.
Regards,
Sunil
From India, Mumbai
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Interest on Home Loan (HL) is covered under Section 24(1) of the Income Tax Act under "Income from House Property." The limit for exemption is Rs 1.5 lakhs against the income and is considered as a loss on house property.
The principal amount of the Home Loan is part of Section 80C, wherein the total limit is Rs 1 lakh, including the Public Provident Fund (PPF), Provident Fund (PF), Life Insurance Corporation (LIC), etc.
Hope this answers your query.
Regards,
Sunil
From India, Mumbai
Acknowledge(0)Amend(0)
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