Exemption of home loan
Querist : Anonymous
You can deduction of Rs. 1,50,000 for repayment of PRINCIPAL component under section 80C of the income tax Act, 1961.
In respect of INTEREST component you can avail benefit of Rs. 2,00,000 (in case of self occupied property) under section 24(b) of the income tax Act. in case of let out property there is no upper limit of interest.
in addition to that if you satisfied all the conditions of Section 80EE then you can take additional benefit of interest Rs. 50,000.
Querist : Anonymous
No Limit in case of deduction of Interest on let out property.
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