Sir, I used to own a home jointly with my real brother. Now I have purchased his portion thru Registration by paying the applicable stamp Duty. Now I want to take Loan Against Property so that I can pay him towards the cost of his portion in this house. Can I claim Income Tax benefits on this Loan Repayment? If yes, then please suggest the applicable IT Sec also.
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Resident home equity loan
Replies (2)
you can claim principal amount of Loan U/s 80C subject to maximum 1.5 lakhs and interest portion can be claimed u/s 24(b) subject to Max of 2 Lakh.
Thanks Priyanka.
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