I availed a 15 yr (10 + 5) housing loan from my department. The principal amount was repaid in full in first 10 years. Now interest amount is being repaid over next 5 years. Can I claim rebate for interest paid
1 Answers
Interest payment for the house loan is exempted from income tax under section 24. But this is only applicable if you have got the possession of house. In case, its self-occupied, deduction is available up-to maximum 1.5 lacs. If property is rented out, there is no maximum limit on deduction.
You must get interest payment certificate from the loan provider.
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