Income Tax Deduction for Loan taken from Employer

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  1. Sudhir Sidhu

    Sudhir Sidhu New Member

    Sir, I have taken a housing loan from my employer amounting Rs.10.00 lakh (approx.) and thereafter after having possession certificate, I had again taken additional loan of Rs. 6.00 lakh (approx.) for the same property. The rate of interest for 1st 15.00 lakh is @5 % and above Rs. 15.00 lakh it is @ 9 %. The repayment of the housing loan have been deducted from my salary on monthly basis. Kindly confirm, whether I am eligible for income tax rebate for the whole amount.
  2. Chandrashekar M

    Chandrashekar M Active Member

    on Principle amount of repayment of housing loan you will get exemption upto Rs.1 lakh under section 80C along with other deductions in aggregate.

    On Interest on housing loan for self occupied house you will get deduction upto Rs.2 lakhs
  3. Sudhir Sidhu

    Sudhir Sidhu New Member

    thanks a lot Sir, but I would like to confirm the rebate on the repayment of principal amount i.e; Rs. 10.00 lakh
  4. Sudhir Sidhu

    Sudhir Sidhu New Member

    thanx a lot Sir

    with regards
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