Salary with interest on home loan

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17 Points Posted on 17 September 2020
hi sir / madam
this is pushpa I am working in company
our employer issued form 16 there shows tax payable what I have question
I had paid interest on home loan can I cliam interest as against salary income
if eligible claim interest with salary income but as employer not mentioned interest in form 16
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On 17 September 2020 at 20:22 Report
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Quick Summary
This discussion clarifies whether home loan interest can be claimed as a deduction against salary income. Yes, you can claim a deduction for home loan interest paid, even if it's not mentioned on your Form 16. The maximum deduction for a self-occupied property is up to £2 lakh, or the actual interest paid if less. For rented properties, the entire interest can be deducted from rental income. Additionally, the principal repayment may be eligible for deductions under Section 80C and other sections like 80EE/80EEA, subject to specific conditions.

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Tax and Business Consultant
11616 Points Posted on 17 September 2020
Yes, You can claim a deduction of up to Rs.2 lakh on your home loan interest, if the you or your family reside in the house property. (Self occupied property).
If you have rented out the property, the entire interest (without limit of Rs.2 Lakh) on the home loan is allowed as a deduction from rent income.

If it's not shown in form 16 than also you can claim it at time of filing your income tax return.
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On 17 September 2020 at 22:18
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47 Points Posted on 18 September 2020
Further you will also get deduction of principal amount in 80c, upto 1.50 lac, further 80ee and 80eea deductions are also there subject to conditions.
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On 18 September 2020 at 01:17
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17 Points Posted on 19 September 2020
Sir paid interest oly 45000
tax liability is 135000
so I can cliam deduction 2lack or 45000 interest on home loan
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On 19 September 2020 at 14:15
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Tax and Business Consultant
11616 Points Posted on 21 September 2020
If you Paid Interest of Rs. 45,000 than you can Claim Deduction of Rs. 45,000 only.

Deduction u/s 24 of interest is as below:
interest Paid or Rs. 2,00,000.. whichever lesser

You can also claim Principal amount deduction up to Amounts Paid or 1,50,000 whichever is Lesser u/s 80C
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On 21 September 2020 at 13:44

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