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Thread: income tax

  1. #1
    Member ukkas is on a distinguished road
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    Question income tax

    Dear sirs,

    is house loan is exemption in income tax ?

  2. #2
    Senior Member SASI is on a distinguished road
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    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

  3. #3
    Junior Member smirajesh is on a distinguished road
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    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
    with thanks & regards
    A.Rajesh
    Mobile +91 86088 30602

  4. #4
    Senior Member SASI is on a distinguished road
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    For complete details refer Circular 5/2011 if Income Tax Department.
    http://www.apfinance.gov.in/html/incometax-21-12-11.pdf)

    sasi

  5. #5
    Junior Member mahesh.teacher is on a distinguished road
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    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.

  6. #6
    Senior Member jaleelethiyil is on a distinguished road
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    Post Income tax exemption for physically handicaped

    Sir,
    please inform the rule regarding income tax exemption in case the employee or his/her dependent is physically handicapped.

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