10 February 2021
Res, sir , can I avail deduction in IT return of 80C Principal and interest of home loan. My EMI is Rs. 11580 which is Principal is Rs.1580 and Interest Is Rs. 10000, So, I can take deduction of both Principal Amount and Interest amount under 80c and 24B, for 12 months. Thanks Sir,
10 February 2021
Your EMI consists of two portions, principal & Interest. Get a statement from the concerned bank/ loan agency. It will show the exact break-up of your payments made during the year. Re-payment of principal of Housing loan is deductible under 80C. Payment of interest is claimable as deduction while calculating House Property Income.
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