Exemption of home loan

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 June 2016 Dear Experts, i have taken home loan pls tell me how much maximum deduction can be avail of principal amount...and how much maximum deduction can be avail of interest paid, also provide the section for both the deduction, Regard Rajkumar

Jaymin Sabhaya

Jaymin Sabhaya (Expert)
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06 June 2016 Dear Sir,
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

Querist : Anonymous (Querist)

06 June 2016 Hi, in case of let out property is there any limit to avail home loan interest deduction

Jaymin Sabhaya

Jaymin Sabhaya (Expert)
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06 June 2016 Dear Sir,
No Limit in case of deduction of Interest on let out property.

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