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It exemption

This query is : Resolved 

Querist : Anonymous


Querist : Anonymous (Querist)
i pay Home loan installment Rs.22000/-

How much amount exempted (loan repayment 3500+18500 interest)



The Deduction For interest shall be allowed to the extent of Rs.1,50,000/- u/s.24(b) of The Income Tax Act, 1961 under the head income from house property (only if self occupied) & the repayment of principal amount shall be allowed as deduction U/s.80C of The Income Tax Act, 1961 subject to a limit of Rs. 1,00,000/-.

depending upon the status of your house, whether self occupied or let out, the interest deduction shall be limited to Rs 1.5 lakhs in case of self occupied house and no limit in case of let-out house.

with regards principal portion, the deduction shall be available under 80C (overall limit of Rs 1 lakh)


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