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ukkas
15-01-2012, 12:14 AM
Dear sirs,

is house loan is exemption in income tax ?

SASI
15-01-2012, 08:48 AM
Repayment of Principal of Loan is entitled for deduction under Section 80 C(The overall limit of 80 C is One Lakh). Further, repayment of Interest on Loan up to Rs.1,50,000/- will also be allowed as deduction.

sasi

smirajesh
18-01-2012, 09:00 PM
S
he is correct partially..
The repayment of Interest on Housing loan upto 1.5Lac is exempted if it is self occupied.. if the same is let out( ie., given for rental) there is no upper limit ..Also the Interest of Housing loan paid for that year may be deducted from the gross salary to arrive the taxable income

SASI
18-01-2012, 09:56 PM
For complete details refer Circular 5/2011 if Income Tax Department.
http://www.apfinance.gov.in/html/incometax-21-12-11.pdf)

sasi

mahesh.teacher
22-01-2012, 12:23 AM
Yes Home loan is exempted from Income Tax The installment is combination of Interest and loan repayment The loan repayment is deducting from Sec 80 means it is part of Rs 1,00,000 and the interest will deduct from your total salary.

jaleelethiyil
11-02-2012, 08:49 PM
Sir,
please inform the rule regarding income tax exemption in case the employee or his/her dependent is physically handicapped.