Need A Financial Product › Forums › Tax Savings › Showing ICICI bank home loan EMI in ITR

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  • August 18, 2014 at 4:55 pm #46921
    samkapoor77
    Keymaster

    I borrowed a home loan of Rs. 25 lakhs from ICICI Bank in February 2013 and since then I am paying EMIs. Somebody told me that I can show this EMI in ITR to reduce my tax liability. The property is under construction and I will get possession in December 2015. Please guide me over this.

    August 22, 2014 at 7:05 am #46922
    Sameer Kapoor
    Participant

    Since you are already repaying your home loan, you can claim the benefit under section 80 C. 80 C is available to you even during the construction of your property. However, benefit on interest payment will be available to you after completion of construction.

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