my mother has a plot on her name and she is house wife
10 months ago
my mother has a plot on her name and she is house wife,i am her only son,i took home loan and paying all EMI alonely. can i claim rebate in income tax under home loan
A.You can avail deduction on the interest paid on your home loan under section 24(b) of the Income Tax Act. For a self-occupied house, the maximum tax deduction of Rs. 2 lakh can be claimed from your gross income annually, provided the construction/ acquisition of the house is completed within 5 years.
A tax payer can deduct both the interest paid on a house loan as well as the principal amount that was repaid on the loan. In the case of self-occupied property, section 24 allows a deduction on the interest paid on a house loan up to a maximum of Rs 2 lakh in a given fiscal year
A tax payer can deduct both the interest paid on a house loan as well as the principal amount that was repaid on the loan. In the case of self-occupied property, section 24 allows a deduction on the interest paid on a house loan up to a maximum of Rs 2 lakh in a given fiscal year
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A.Dear Sir,
It is purely financial income tax related matter. Better you seek advise from any retire of chartered accountant to avoid misguide.
It is purely financial income tax related matter. Better you seek advise from any retire of chartered accountant to avoid misguide.
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