Hi ,
Can anyone just brief me on the tax deduction facilities available for housing loan ?
Is the tax exemption for Housing Loan principal and interest payment , part of the tax exemption for investments (mutual funds, NSC etc upto 1 lakh max) or is it an additional option other than the investments .
Can you please clear this at the earliest ?
Awaiting a positive response.
Thanks in advance,
KK2202
From India, Tiruvalla
Can anyone just brief me on the tax deduction facilities available for housing loan ?
Is the tax exemption for Housing Loan principal and interest payment , part of the tax exemption for investments (mutual funds, NSC etc upto 1 lakh max) or is it an additional option other than the investments .
Can you please clear this at the earliest ?
Awaiting a positive response.
Thanks in advance,
KK2202
From India, Tiruvalla
Hi,
Interest on HL is covered under section 24(1) of Income tax act under Income from House Property.The limit for exemption is Rs 1.5 lacs agst the income and is considered as Loss on house property.
The Principal amount of HL is part of the section 80Cc wherein the total limit is Rs 1lacs including the PPF,PF,LIC etc ...
Hope this answers your query.
Regards
Sunil
From India, Mumbai
Interest on HL is covered under section 24(1) of Income tax act under Income from House Property.The limit for exemption is Rs 1.5 lacs agst the income and is considered as Loss on house property.
The Principal amount of HL is part of the section 80Cc wherein the total limit is Rs 1lacs including the PPF,PF,LIC etc ...
Hope this answers your query.
Regards
Sunil
From India, Mumbai
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Income tax details.zip
Professional tax details pan India version-2.xls