HI,
I WOULD LIKE TO KNOW, IF HE/SHE BUY A HOUSE WITH THE HELP OF HOUSING LOAN & STAYING IN THAT HOUSE. IS THIS POSSIBLE THAT HE/SHE CAN CLAIM MAXIMUM INTEREST AMOUNT RS. 150000/- IN INCOME TAX FILLING AS PER SECTION 24 B.
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Section 24 b
Replies (4)
Yes he\she can claim interest upto 1.5 lacs and also principle amount on repayment on loan under 80-C if the house is not under construction.
maximum allowable amt is 150000/= but loan should be after 1st april,1999
No bcoz no loan taken for buying residential property.
Yes Interest exempted upto maximum of Rs 150000 under 24 B under IFHP on due basis.Principle repayment deduction under sec 80 C upto 1 lakh total
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