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home loan
On 5th June 2017 ,I puchased a flat in 5500000(55 lacs) , by taking loan of 4400000 (44 lacs),EMI -35000 per month,will I am eligible to get tax rebate benefit on home loan interest in financial year 2017-18 .how much rebate I will get.
Replies (6)
When start your EMI...?
If EMI start FY 2017-18. You can take that benefit...
The maximum tax deduction allowed under Section 24 of income tax act 1961 in respect of interest on loan on self-occupied property is subject to a maximum limit of Rs. 2 Lakhs.
under section 24b
if sum condition satisfied 1. loan taken after 1.10.1999 2. loan taken for purchase 3. take interest certificate 4. purchased the property with in 5 year maximum deduction allowed up to 200000 u/s 24b
if these conditions not satisfied maximum limit is 30000
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