Home loan

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Manisha (Querist)
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09 February 2010 If i take a home loan for self occupied property for Rs 16 lacs and EMi comes to 16thousand,what is the income tax benefit i will get ,in my salary tax payment

Rahul Gupta

Rahul Gupta (Expert)
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09 February 2010 In the EMI Principle and Interest element are included.
For the principal repayment you can claim the deduction u/s 80C upto a maximum of Rs.1,00,000 and for the Interest part you can claim the deduction from Income from House property upto a maximum of Rs.1,50,000.

Bimal Thacker

Bimal Thacker (Expert)
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09 February 2010 Yes, agree with expert.
However I would like to add that interest will be deducted on accrual basis, whether the same has been paid during the year or not, you should have certificate of accrual of interest.

CA Prashant Gupta

CA Prashant Gupta (Expert)
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09 February 2010 agree with experts.
u/s 80C principal deduction upto 100000/-
interest u/s 24 upto 150000/- on accrual basis. But 80C will be on payment basis

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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09 February 2010 Agreed with experts

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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09 February 2010 Agreed...

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