For the current financial year 2007-2008, can I get a rebate of Rs 1,50,000 for interest payment and rebate of Rs 1,00,000 for principle repayment of housing loan, taken for acquiring self occupied property. Under which sections are the benifits avaible?
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  • Dear mishthi

    The tax deduction benefits are available under section 80C for the principal repayment and under section 24,for the interest payable on the loan taken to acquire/construct property. You can get deduction of Rs.1,00,00 on account of principal repayment of housing loan even if you choose to pay Rs. 1,00,000 on march 31,2006, in one go instead of repaying the same every month in installments. The tax benefits are available.
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