House loan rebate

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This query is : Resolved

Naveen Kumar (Querist)

17 January 2015 Please tell me about House loan rebate from Income Tax.

Suppose I have taken a loan of Rs15,00,000/-as a hosing loan & repay Rs 2,50,000/-(01.04.13 to 31.03.2014 by Monthly EMI)Suppose
Intt Paid is Rs 35560
Principal=214440
What amount of rebate can i claim from income tax.

E mail-nk96093@gmail.com

Guest

Guest (Expert)

17 January 2015 Principal payment deduction under section 80C is maximum Rs 150000.Since you paid Rs 214440 so u can claim deduction of Rs 150000. Interest deduction is available under section 24 upto Rs 150000.Since u paid Rs 35560 So you can claim such deduction..

CA PRIYUL SHAH

CA PRIYUL SHAH (Expert)

17 January 2015 Rachit answered correctly for deduction U/s 80C. There is amendment in section 24. From Financial Year 2014-2015, you can get Maximum deduction of Rs.200000 U/s 24. It do not affect you question since interest U/s 24 is within limit.

Guest

Guest (Expert)

17 January 2015 I am aware about the deduction sir but question relates to the year 2013-14 so i answered the old provision.

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