Article explains three Deduction Claimed on the payment of principal and Interest amount of Housing Loan which are deduction under Section 24b for Interest on Home Loan, deduction under Section 80EEA which provides deduction on Interest on house loan over and above the eligibility mentioned in the section 24 and deduction under Section 80C for Repayment of Principal Amount of housing loan.
Section 24b : Deduction on Interest on Home Loan
| Maximum eligibility |
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| Condition |
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| Additional Information |
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Section 80EEA : Additional Housing loan Interest deduction
| Maximum Eligibility | Rs.150000/- shall be allowed as a deduction on Interest on house loan over and above the eligibility mentioned in the section 24. |
| Assessee | Applicable to individual either Resident or Non resident |
| Effective from | : 01/04/2021 |
| Conditions |
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Section 80C : Deduction on Repayment of Principal Amount of Housing Loan
The Principal portion of the EMI paid for the year is allowed as deduction under Section 80C. The maximum amount that can be claimed is up to Rs.1,50,000/- But to claim this deduction, the house property should not be sold within 5 years of possession. Otherwise, the deduction claimed earlier will be added back to your income in the year of sale.
Besides claiming the deduction for principal repayment, a deduction for stamp duty and registration charges can also be claimed u/s 80C but within the overall limit of Rs. 1,50,000/-. However, it can be claimed only in the year in which these expenses are incurred.
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i m living in chandigarh in govt. accomodation. I have a flat in chandigarh also. can i take house loan interest rebate if the second house is not rented out by me and remains vacant whole of the f.year
1)Rs. 50,000/-deduction under 80EE section is available in f.y.2020-21. 2)Telangana State Govt. is giving Rs.5,000/- towards their employees under Tuition Fee Reimbursement for two children. Is it taxable under which head . 3)Medical Reimbursement paid by the Telangana State Govt. to their employees it taxable or not.
Is the PEMI payable on under construction property claimable under IT section 24 ,80EEE??