Tax payment deduction from house loan EMI

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binu sukumaran (Querist)
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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

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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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

binu sukumaran (Querist)
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08 January 2025 Sir,
Thanks for the information. Can it get claim on interest portion of housing loan .
Please advise

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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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.

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binu sukumaran

binu sukumaran (Querist)
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08 January 2025 sir,
Thanks for the update.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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08 January 2025 You are welcome...
.

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