Mortgage

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riddhi (Querist)
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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

Avneesh Mishra (Expert)
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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.

riddhi

riddhi (Querist)
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28 February 2014 okay got it.thanks a lot

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