hi all,
i have doubt in housing loan:
one of our employee took housing loan in the year april2007-to march 2008,
for how many years he can took the benefit of housing loan exemption
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Housing Loan Exemption
Replies (7)
Exemption under which section???
Section 80C gives exemption on repayment of principal amount - no period is precribed for exemption
under section 80c of income tax act an assessee can claim deduction upto Rs100000 (MAX) on repayment of principle amount of loan.
deduction on pricipal u/s 80 C and Intrest repayable u/s 24 will continue till loan is repiad.
- deduction u/s 24(b) in respect of interest can be claimed in the tera in which interest accrues
- deduction u/s 80C in respet of repayment of principal amount can be claimed in the year when the repayment was made
Note: deductions subject to fullfillment of other condition mentioned in respective sections
| Originally posted by :harinath | ||
| " |
hi all, he can took benefit of housing loan exemption till that loan will not repay. |
" |
- Deduction for interest is available on accrual basis
- Deduction for Capital Repayment is availble till the amount is repaid
Exemptions or deductions are available till the housing loan is repaid in full or there is an amendment in Income tax Act putting restrictions on such deductions.
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