Construction of my self occupied house has been completed during the financial year. To construct this house I have taken a loan from bank for which I am paying a yearly interest of Rs. 1, 25,000 in addition to the principal amount starting from this year. Can you please let me know if I am eligible for any income tax benefit? Yes, you can claim income tax benefit for both … [Read more...] about FAQ on Income Tax Benefit of Housing Loan
Housing Loan
How to claim income tax benefits for Your Housing Loan – Section 80C and section 24 of Income Tax Act, 1961
You have two components in a housing loan. One is the interest portion that you paid for your housing loan and the other one is periodical principal amount paid. The interest amount payable on housing loan borrowed for the purpose of acquisition, construction, renovation, repairing or reconstruction can be claimed as a deduction under section 24 of income tax act. If you … [Read more...] about How to claim income tax benefits for Your Housing Loan – Section 80C and section 24 of Income Tax Act, 1961