Tax saving on home loan
This query is : Resolved
05 February 2010
Pls clarify how does a home loan help in the saving of tax of a salaried person.
CA Prashant Gupta
(Expert)
05 February 2010
on repayment you will get 80C deduction on repayment of loan amount i.e. principal amount.
you will get interest exemption u/s 24 on interest due on loan.
So full repayment will give you deduction and it is for salaried person also
you will get interest exemption u/s 24 on interest due on loan.
So full repayment will give you deduction and it is for salaried person also
CMA Ramesh Krishnan
(Expert)
05 February 2010
Interst on home loan can be claimed U/s.24 suject to the maximum of Rs.1.5 lakhs if the property self occupied, no limit if the property let out
Pricipal can be claimed u/s.80C
Pricipal can be claimed u/s.80C
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