Tax payment deduction from house loan EMI
This query is : Resolved
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
- Audit applicability of ITR
- Query related to 2 buyers and 1 seller in form 26QB
- Excess salary reported by employer to IT Dept.
- Correction in AIS to avoid increasing compliance
- Income classification under heads of income under income Tax
- ITR form selection for salary + business income
- Can we appeal to tribunal when rectification is applied at cit(a) ?
- ITR selection for salary plus MT sales
- Hsn code in GST
- GST- ITC Eligibility
- Stay of demand more than 2 times returned income
- GST on Additional charges payable to builders
- Employers investment policy for employee and their family membrs
- PENALTY FOR LLP FORM 3 DELAY
- RCM on Mineral sources
- Clarification on Entity User, Business User & AD Bank for FC-TRS Filing
- Stamp Duty & Registration Fees on Sale Deed
- Custom PhD Dissertation Writing Agency
- Goodwill calculate
- Way to retain loss ITC
Trending Online Classes
-
Live Course on EPF & ESI Act - Mastercourse(With Govt Certificate)
Mr.Balamurugan Ranganathan16 June 2025
CAclubindia
