Mortgage
This query is : Resolved
28 February 2014
If i have taken a housing loan from bank and the bank has taken the house for mortgage so will i get the deduction for emi paid?
Avneesh Mishra
(Expert)
28 February 2014
The principal amount in the repayment of a home loan can be added to the 80C limit of Rs1 lakh for tax savings.
The interest component of home loans is allowed as deduction under Section 24 B for up to Rs1.5 lakh in case of a self-occupied house. In case the house is in the joint name of your spouse and you (joint loan), each one can avail of Rs1.5 lakh interest component deduction.
Trust it clarifies.
The interest component of home loans is allowed as deduction under Section 24 B for up to Rs1.5 lakh in case of a self-occupied house. In case the house is in the joint name of your spouse and you (joint loan), each one can avail of Rs1.5 lakh interest component deduction.
Trust it clarifies.
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