Topic: What deduction can I claim in my income tax return for the housing loan repayment I made?

In the last financial year I have repaid Rs.86, 000 as principal and Rs 2,20,000 as interest on account of house loan running against the flat I occupy. What deduction can I claim in my Tax return for such repayment?

Since the flat is self occupied the deduction for Interest repayment shall be restricted to Rs 1.5 lakhs, (deduction for interest repayment is allowable in full in case of let out property). The deduction for Principal repayment is allowable under section 80C which have a cap of Rs.1 Lakh, however you have repaid only Rs.86,000 on account of Principal thus it shall be allowed in full.

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