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.
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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..
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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