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You will be eligible to claim tax benefits on both the interest and principal components of your repayment during that financial year.
- Under Section 24, you can claim up to Rs. 1,50,000 or the actual interest repaid, whichever is lower. (Also note that you can claim this interest only when you are in possession of the house.)
- Under Section 80C, you can claim the principal up to the maximum amount of Rs. 1,00,000. But this is subject to the maximum level of Rs 1,00,000 across all 80C investments.
- To avail the above tax benefits, you will need to produce a statement by your lender, showing the repayment of the loan for the year as well as the interest and principal components of the same.
Published on May 5, 2010 · Filed under: Home Loan FAQs; Tagged as: Home loan, home loan guide, home loan repayment
What are the income tax benefits that I can avail by repaying a Home loan
One Response to “What are the income tax benefits that I can avail by repaying a Home loan”
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SHIV K YADAV said on March 5th, 2011 at 2:01 pm
Dear Sir/ Madam
We (me and my wife) are co-borrowers in a home loan and co-owners of the property with 50% share each. I read from various portals about twin the benefits of joint home loan i.e. it increases the limit and double the rebates. In this regards I wish to seek the clarification from you that whether both of us, separately, are eligible for claiming rebate of Rs. 150000 on interest on home loan while calculating our individual taxable incomes. Kindly send me the mail at an early date.
Best Regards.
Shiv
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