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Exemption on House loan interest in a year
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Interest on Borrowed Capital *
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a) In respect of let-out property, actual interest incurred on capital borrowed for the purpose of acquisition, construction, repairing, re-construction shall be allowed as deduction |
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b) In respect of self-occupied residential house property, interest incurred on capital borrowed for the purpose of acquisition or construction of house property shall be allowed as deduction up to Rs. 2 lakhs. The deduction shall be allowed if capital is borrowed on or after 01-04-1999 and acquisition or construction of house property is completed within 5 years. |
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c) In respect of self-occupied residential house property, interest incurred on capital borrowed for the purpose of reconstruction, repairs or renewals of a house property shall be allowed as deduction up to Rs. 30,000. |
In addition to that you can also claim Rs 50K additionally, u/s. 80EE, if applicable...
Deduction for interest on housing loan
Deduction of up to Rs 50,000 shall be allowed to an Individual for interest payable on loan taken for the purpose of acquisition of a house property subject to following conditions:
a) Loan has been sanctioned by Financial institution during the financial year 2016-17;
b) The amount of loan sanctioned does not exceed Rs 35,00,000;
c) The value of residential property does not exceed Rs 50,00,000;
d) The assessee does not own any residential house property on the date of sanction of loan;
e) Where deduction has been allowed under this section, no deduction shall be allowed in respect of such interest under any other provision.
In protest against ADMIN for its discriminatory behavior among different members, I leave the portal permanently. Good Bye.
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