28 February 2014
The principal amount in the repayment of a home loan can be added to the 80C limit of Rs1 lakh for tax savings. The interest component of home loans is allowed as deduction under Section 24 B for up to Rs1.5 lakh in case of a self-occupied house. In case the house is in the joint name of your spouse and you (joint loan), each one can avail of Rs1.5 lakh interest component deduction.
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