interest on housing loan

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

asked Jan 28 '11 at 21:18 by csamitgarg 1111

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.

answered Jan 31 '11 at 12:56 by Pankaj Batra 5.2k320


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Asked: Jan 28 '11 at 21:18

Seen: 2,653 times

Last updated: Jan 31 '11 at 12:57