Tax payment deduction from house loan EMI
This query is : Resolved
Quick Summary
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
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.
Message likes :
1 times
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
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.
Message likes :
1 times
08 January 2025
sir,
Thanks for the update.
Thanks for the update.
08 January 2025
You are welcome...
.
.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CLOSING STOCK QUERY
- TDS _Long term Capital Gain ref.sec 214 Table 2
- CASH GIFT FROM BLOOD RELATIVE
- TDS offline utility
- Due Date Clarity
- Query regarding TDS on EPFO Higher Pension Arrears- under wrong section
- TDS on rent received on hardship compensation being rent on redevelopment of building
- Traces submitting correction statement error
- Gst on travel by air for business purposes
- Rent claimed on building given on permissive possession basis
- DUE DATE FOR ITR FILING
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
