What is the maximum limit of Income tax exemption under House Building loan?
Can one avail the benefit of both principal and interest?
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Exemption on house building load
Replies (2)
Yes benefit under both principal and interest can be availed under housing loan.
maximum exemption towards interest under section 24 is Rs.2lacs and towards principal under 80C is 150000
maximum exemption towards interest under section 24 is Rs.2lacs and towards principal under 80C is 150000
There is no maximum limit for interest component in respective of let out properties under section 24.... Limit of 2L applied to self occupied and deemed to be let out....
In addition to the above as allowec under section 24, an amount of 50000 can be claimed under section 80EE over and above 2L...
In respective of principal component an amount if 1.5 L can be claimed as deduction under 80C
In addition to the above as allowec under section 24, an amount of 50000 can be claimed under section 80EE over and above 2L...
In respective of principal component an amount if 1.5 L can be claimed as deduction under 80C
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