Topic: Tax deduction against principal repayment of home loan amount

Can I take deduction u/s 80c against repayment of principle amount of housing loan, if yes then what is the max. limit?

This message was edited 2 times. Last update was at 27/07/2009 12:17:00

Yes, you can make a deduction up to a total limit of Rs. 100,000 as available under section 80c for repayment of principal amount on your home loan. This deduction is a cumulative one, and cannot be joined with any other 80c deduction on investments in mutual funds, insurance schemes etc. etc.

Under section 24, Rs. 150,000 of interest repayment is tax exempt per annum

For our users, I would like to add that this is one of the advantages of owning your own home, which you do not get if your rent your house. You will get a tax benefit and then at the end of the repayment, you will own your asset.

Did you know that iTrust can also help you with arranging the best home loan in India?

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is before occupation of house, home loan principal amount deductable for tax purpose

raghav wrote:Can I take deduction u/s 80c against repayment of principle amount of housing loan, if yes then what is the max. limit?

Can I take deduction of housing loan repayment u/s 80 C before occupying the house property?

Dear Brethren,

Holy Brotherhood is a Non Governmental organization that providing funding for in form of loan and financial assistance for business,contracts,supplies,consignment and other commercial needs for personal,academic,social and sundary purposes.

Apply for soft humanitarian loans. with zero interest and five years repayment time.

Orsam Gift (gift.sacred@yahoo.com)

Anonymous wrote:Dear Brethren,

Holy Brotherhood is a Non Governmental organization that providing funding for in form of loan and financial assistance for business,contracts,supplies,consignment and other commercial needs for personal,academic,social and sundary purposes.

Apply for soft humanitarian loans. with zero interest and five years repayment time.

Orsam Gift (gift.sacred@yahoo.com)

A assesse had only rental income,and he had borrowed loan for let out property ,is there he claim the deduction u/s 80c

This message was edited 1 time. Last update was at 29/12/2011 15:08:40

You can get tax deduction for the repayment and not on the undecided property. This deduction is applicable in case of payment of home loans from your bank account.

Nowadays, some bank allows user to start the repayment EMIs even before the possessing the house. In this case, I am paying the principal and interest both. Now, can I get the tax exemption for the principal amount paid till now?

Anonymous wrote:A assesse had only rental income,and he had borrowed loan for let out property ,is there he claim the deduction u/s 80c

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