i am an indian resident male 40 age. I have purchased residential property in mumbai with Rs.50000 monthly EMI of loan deducting from my account. How much deductions can I claim towards my loan EMI & loan Interest. i am already having insuance premuim of Rs.150000 lacs under 80c. So can I claim housing loan principle amount above rs.1.50 lacs! how can i use my home loan emi and its interest to avoid tax!
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Income tax deductions in case of housing loan for an individ
Replies (1)
Principal repayment of housing loan cannot be taken in your case since overall limit of Rs.1,50,000 is exhausted. However, you can take deduction of interest portion in EMI of housing loan upto Rs.2 Lakh in a F.Y. u/s 24.
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