Need A Financial Product Forums Tax Savings Am I eligible for tax exemption u/s 80C and section 24

This topic contains 1 reply, has 2 voices, and was last updated by  Sonal Sharma 2 years, 1 month ago.

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  • #48300

    Sonal Sharma
    Member

    In March 2014, I borrowed home loan from Can Finance. Till date I have paid Rs. 1.1 lakh as principal repayment and Rs. 90,000 as interest. Entire amount of loan is disbursed to me and I have taken the possession of my flat in November 2014. If I talk about current financial year, i.e. 2014-15, can I claim exemption u/s 80C and section 24?

    #48301

    Vijay Sindhi
    Member

    For interest paid during the financial year 2014-15, you will be eligible under section 24b. However, in your case, the maximum benefit for principal loan repayment is Rs. 1 lakh in a year.

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