Query on Home Loan payment
This query is : Resolved
ASHOK KUMAR AGARWAL
(Querist)
04 August 2008
what is the tax treatement of EMI paid by individual on his home loan in Income Tax.What is the amt allowable as deduction?
04 August 2008
He can get the exemption max of Rs.1.5 Lakhs (in interest portion) under section 24B and for principal amount under sec 80C (max of Rs. 1 Lakhs including other investments under sec 80C)
CA Hemant T Dewani
(Expert)
04 August 2008
interest on housing loan is exempt u/s 24b of the income tax act & principal amount is exempt up to rs 100000/- including other investments
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