Purchase new House & loan borrow from bank so housing loan installment & interest both are tax free or not.
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Purchase new house
Replies (4)
interest will be allowed under the head house property
and repayment of loan will be under deduction
agree with above reply
yes, u get deducton............
Interest on housing loan will be allowed as a deduction under house property subject to a limit of Rs. 1.5 lakhs in case of self occupied property and in case of letout property entire amount of interest can be claimed as a deduction. Principal amount can be claimed deduction under section 80C subject to an overall limit of Rs. 1 lakh.
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