Suppose , I have a house loan for 10 lakhs and out of that the principle amount for the year is INR 16,000.00 and the interest part is 1,25,000.00 . This was taken in the FY 2011-2012. Whether i can avail the exceptions u/s 80 c & 24 b.
kindly advice me regarding 80 c & 24 b with the criteria eligible for exemptions.
25 July 2015
For A.Y. 2015-16, total allowable principal repayment u/s 80C is Rs. 150000 subject to other investments. So your principal repayment can be covered under that subject to total investment of Rs. 150000. Interest repayment is allowable under Income from House Property subject to maxmimum Rs. 150000/- p. a. which is set off against other incomes.
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