income tax deduction on house property

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  1. chethan986

    chethan986 New Member

    Hi,

    i am a salaried employee. I have purchased a residential plot through home loan from axis bank. am i eligible for the tax exemption as per income tax act? How can i get tax rebate on my interest and principle amount paid to the bank

    Thanks & Regards
    Chethan
     
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    As you are a Salaried Employee, you would be required to file a tax declaration with your employer intimating him about the deductions to be claimed by you.

    On submitting these declarations, he will not deduct lower TDS from your Salary.

    And you would also be required to mentioned these deductions in the income tax return to be filed at the end of the year.
     
    Last edited: Dec 31, 2014
  3. chethan986

    chethan986 New Member

    Buying a plot through home loan is eligible for income tax 80c and 24?
     
  4. gaurav_kumar

    gaurav_kumar Well-Known Member

    Yes, it is allowed to be claimed as a deduction.
     
  5. Yes it is allowd deduction for houseing loan installment &Interest amt .u/s 80c & 24 income tax act
     
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