Our Recommendations :-
Follow CA Final FB Page

I'm joining my first job soon and I'm thinking of buying an apartment using home loan. How and what tax rebate I can get

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 shravan asked about 3 years ago

I'm joining my first job soon and I'm thinking of buying an apartment using home loan. How and what tax rebate I can get?

    0       0 Answer Now Comment Report
1 Answers
Important Note – Preparing for CA Final?
CAKART provides Indias top faculty each subject video classes and lectures – online & in Pen Drive/ DVD – at very cost effective rates. Get video classes from CAKART.in. Quality is much better than local tuition, so results are much better.
Watch Sample Video Now by clicking on the link(s) below – 
For any questions Request A Call Back  
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 CHITRANJAN AGARWAL answered about 3 years ago

Dear Sharvan, Congratulation for your new job. As per the provision of income tax act 1961, if you purchase the house by taking a house loan from the financial institution than you should repay such loan and interest to the respective financial institution by EMI. so you get the deduction of principal (loan) repayment under section 80C of the maximum amount of rs 150,000/- and also you pay interest to the respective financial institution than such interest is consider as house property loss and eligible to get deduction from your salary income of maximum amount of rs 150,000/-. Ex: let say your salary is rupees 500,000/-. during the year you repay the principal amount of loan of rs 200,000/- and interest of 250,000/-. than the principal amount is get deduction u/s 80 c of rs 150,000/- and house property of rs 150,000/- so your tax liability is nil. Any other query feel free to contact us. Writer CA Chitranjan Agarwal

    0       1 Comment Report
Get Notifications
Videos
Books
Notes
Loading
SIGN UP
Watch best faculty demo video classes

These top faculty video lectures will
help u prepare like nothing else can.