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Yes, there is tax benefit on the home loan. If you are a salaried professional, you can avail deduction of upto 1.5 lac per annum from your taxable income. This deduction can be claimed on the amount paid as interest on the home loan. The amount paid as principal can also be claimed under section 80c where the maximum exemption is 100,000. However, principal repayment (being under 80c) is clubbed with other exemption heads like PPF, Insurance premium, PF deposits etc.
Answered on May 3, 2011 by Aditya verma |
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Yes. The interest paid is deductible from income, for the purposes of income tax collection.
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You get 100% of your interest paid and 80% of your principle paid for the year your eligible
Answered on May 3, 2011 by R Vijayanandhan |
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yes
Answered on May 3, 2011 by M.RAVIKUMAR |
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yes
Answered on May 3, 2011 by Bhaskar dey |
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A] Yes. You are eligible for certain exemptions on both the principal and interest components of the loan as per the Income Tax Act, 1961. The principal repayment of the loan up to Rs 10,000 is eligible for a rebate @ 20 per cent U/s 88 of the IT Act. The income tax exemption limit for interest paid on housing loans is Rs 75,000 per annum on self-occupied houses. Therefore an interest payment of up to Rs 6,250 per month can be deducted from taxable income in arriving at the total income tax payment of an individual.
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