Housing loan limit for tax benefit
Can I get housing loan benefits for income tax if loan amount is more than 25 lac and house value more than 40 lac ?
Replies (4)
As I understand, there is no such restriction about loan value and/or property value for claiming benefits u/s 80C or 24
You must be talking about Sec 80EE for additonal deduction of home loan........
For normal home loan deduction u/s 80C & 24b, there is no such restriction..
The restrictions you have mentioned are for section 80EE i.e. additional benifit for payment of interest on home loan. Otherwise, Payment of Principal componet is allowed as deduction u/s 80C and interest component is allowed as deduction from Income from House property unconditionally.
there is no such restriction for claiming benefit u/s 80c & 24.
in sec 80ee, there is limit of 40 lakh and you can only avail its benefit in A.Y. 2014-15 & 2015-16 upto Rs. 1 lakh
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