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Home Loans: What are the tax benefits of home loans?

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      CommentAuthorrizvi
    • CommentTimeJun 20th 2007 edited
     
    • Answers: 87
    • Joined: Jun 20th 2007
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    What are the tax benefits of home loans?
    • CommentAuthorhiba
    • CommentTimeJun 21st 2007
     
    • Answers: 29
    • Joined: Jun 20th 2007
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    Both principal as well as interest of home loans attract tax benefits. With effect from 1st April 2005 (i.e. assessment year 2005-07) under section 80C of the Income Tax Act 1965:
    Principal amount of repayment of loan along with other savings such as PF, PPF, Life Insurance premium etc up to a maximum of Rs 1,00,000/- will be eligible for deduction from gross income.
    Interest paid on loan after completion of construction will be deductible from income from property
    For self occupied - Income will be treated as nil and interest payment will be treated as minus income which will be adjusted against other income.
    For rental property - It will be adjusted against rental income.

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