Hello,
I have to give the investment proofs for FY 2014-15 to my company. My 80C slab is not filled upto the limit. I am thinking to pay some amount as principal in my SBI maxgain & show it in 80C to take the benifit for tax exemption.
I want to know whether I can take the tax exemption on th eamount paid as principal in my SBI maxgain homeloan account.
Thanks.
Yes, repayment of principal amount of housing loan is deductible u/s 80C upto Rs. 1.50 lacs.
Futher,the housing loan interst can be claimed as deduction u/s 24 from House Property income upto Rs. 2 lacs and, if any, excess interest over & above Rs. 2lacs can be claimed as deduction u/s 80EE.
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CA Saurabh Maheshwari.
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