Housing Loan Exemption

Exemption under which section???

Section 80C gives exemption on repayment of principal amount - no period is precribed for exemption

deduction on pricipal  u/s 80 C and Intrest repayable u/s 24 will continue till loan is repiad.

1. deduction u/s 24(b) in respect of interest can be claimed in the tera in which interest accrues
2. 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  

•  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.