Is allowable housing loan intt. limit 150000/- & other 80c ?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 June 2016
Dear Sir/Madam
Please tell me that Is allowable Housing Loan Intt. Limit 150000/- & other 80C Limit is 150000/- also for Individual for A. YEAR 2016-17 ???
Please Reply
Please tell me that Is allowable Housing Loan Intt. Limit 150000/- & other 80C Limit is 150000/- also for Individual for A. YEAR 2016-17 ???
Please Reply
CA SUNIL K GARG
(Expert)
09 June 2016
Interest on housing loan is allowed u/s 24 Rs. 200000/- in case of self occupied property. and section 80C deduction is Rs. 150000/-
KAVIRAJA ADDANGADI
(Expert)
10 June 2016
The maximum tax deduction allowed under Section 24 of a self-occupied property is subject to a maximum limit of Rs. 2 Lakhs (increased in Budget 2014 from 1.5 Lakhs to Rs. 2 Lakhs).
In case the property for which the Home Loan has been taken is not self-occupied, no maximum limit has been prescribed in this case and the taxpayer can take tax deduction of the whole interest amount under Section 24.
The amount paid as Repayment of Principal Amount of Home Loan by an Individual/HUF is allowed as tax deduction under Section 80C of the Income Tax Act. The maximum tax deduction allowed under Section 80C is Rs. 1,50,000. (Increased from 1 Lakh to Rs. 1.5 Lakh in Budget 2014)
In case the property for which the Home Loan has been taken is not self-occupied, no maximum limit has been prescribed in this case and the taxpayer can take tax deduction of the whole interest amount under Section 24.
The amount paid as Repayment of Principal Amount of Home Loan by an Individual/HUF is allowed as tax deduction under Section 80C of the Income Tax Act. The maximum tax deduction allowed under Section 80C is Rs. 1,50,000. (Increased from 1 Lakh to Rs. 1.5 Lakh in Budget 2014)
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