Section 80C of the Income Tax Act, 1961 deals with deductions in respect of certain payments during the previous year from the total income of an Individual or HUF subject to a maximum of Rs.150000. Instalment payment towards the property loan or repayment of housing loan is one of the …
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Possession of the property To claim the deduction of Interest payment, the house must be completed and taken possession. However, for taking tax benefit on principal, repayment can be taken from the year you start repaying the loan Rental Income To claim tax benefit on housing loan towards a property …
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The possession of the property To claim the deduction of Interest payment, the house must be completed and possession taken. However, for taking tax benefit on principal repayment, it can be taken from the year you start repaying the loan. The Principal Repayment The principal repayment towards housing loan up …
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Simplified Laws Guide to Taxation and Legal Concern