Deduction on principal home loan payment is up to `1 lakh
You can claim the said amount paid under section 80C of the Income-tax Act.
I earn 10 lakh per annum. I have taken a housing loan of 36 lakh and the interest portion of the equated monthly instalment (EMI) is about 3.40 lakh for FY13. The property is let out and the rental income for this period is 1.80 lakh. After deducting property tax of 8,000 and 30% of the annual maintenance, the income from property comes to 1,20,400. How much tax exemption can I claim on the interest portion of 3.40 lakh?
Login to enjoy exclusive benefits!
- Unlocked premium articles
- Personalized news
- Market Watchlist
- Insightful Newsletters & more