Under Section 24 of the income tax act, Rs 1.5 Lakh of annual interest payments are tax deductible
If you are paying interest on your home loan in India, then even though you do not have possession yet you will be entitled to this annual exemption.
In addition to this, under Section 80c, an annual principal repayment of Rs. 1 Lakh can be tax deductible, however this cannot be combined with any other section 80c benefit. So, once you start paying back principal on the home loan, you might want to consider this deduction as well.
We encourage all viewers to consider buying their own homes. This will help you build an asset, as well as give you tax benefits which you might not get with rented property. You can compare home loan rates and find the best home loan right here at iTrust.
This message was edited 6 times. Last update was at 27/07/2009 11:53:23
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