Income tax exemptions on home loan interest amount fy 2014-15 ay 2015-16
General Questions Asked
- How much can I claim for exemption out of interest and principal amount of home loan or proper loan.
- Housing Loan Interest Tax exemption query?
- What is the tax exemption, if one buys two flats in the same financial year 2014-15 and assessment year 2015-16
- Income tax benefit to two home loans before possession?
- what is home loan interest tax exemption limit is it limited to 2 lakhs?
Section 80EE Deduction on Interest on Home Loan,Tax Benefit on Home Loan: Section 24, 80EE & 80C,Tax savings for Home loan interest under Section 24 B
- Capped to a maximum of Rs.200000/- only i.e. Total amount allowed for a property is Rs.200000/-.
- Loan taken before 01/04/1999, interest restricted to Rs.30000/-
- Housing Loan interest taken for renovation/repairs restricted to Rs.30000/-
- If property is not occupied within 3 years of loan sanction date, benefit is restricted to Rs.30000/-
- Pre-EMI interest (EMI paid before occupation of the house) is deductible in 5 equal installments starting from the year when the construction is completed or property is acquired.
|Home Loan Interest Amount Tax Exemption fy 2014-15|