Tax payment deduction from house loan EMI
This query is : Resolved
Quick Summary
binu sukumaran
(Querist)
06 January 2025
Sir,
I have currently only income from sole business. Plan to purchase house through housing loan . can I get deduction for Housing loan EMI.
Please advise
Binu
I have currently only income from sole business. Plan to purchase house through housing loan . can I get deduction for Housing loan EMI.
Please advise
Binu
CA R SEETHARAMAN
(Expert)
06 January 2025
Under Section 80C of the I-T Act, you can claim tax deductions on the principal amount repaid towards your home loan. Additionally, this deduction also applies to registration and stamp duty charges for your property. The maximum housing loan tax exemption under Section 80C is ₹1.5 lakh in a financial year.
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binu sukumaran
(Querist)
08 January 2025
Sir,
Thanks for the information. Can it get claim on interest portion of housing loan .
Please advise
Thanks for the information. Can it get claim on interest portion of housing loan .
Please advise
CA R SEETHARAMAN
(Expert)
08 January 2025
The interest portion of the home loan EMI for the year can be claimed as a deduction from your total income up to a maximum of Rs 2 lakh under Section 24.
From the assessment year 2018-19 onwards, the maximum deduction for interest paid on self-occupied house property is Rs 2 lakh.
For let out property, there is no upper limit for claiming tax exemption on interest, which means that you can claim deduction on the entire interest paid on your home loan.
From the assessment year 2018-19 onwards, the maximum deduction for interest paid on self-occupied house property is Rs 2 lakh.
For let out property, there is no upper limit for claiming tax exemption on interest, which means that you can claim deduction on the entire interest paid on your home loan.
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binu sukumaran
(Querist)
08 January 2025
sir,
Thanks for the update.
Thanks for the update.
CA R SEETHARAMAN
(Expert)
08 January 2025
You are welcome...
.
.
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