POSTED BY April 13, 2013 9:51 am COMMENTS (11)ON
I have seaached the forum but couldnt find the specific query which I have so posting a new question.
I stay in Mumbai with my parents and I will be buying a house in Surat where my Uncle and his family will reside.
Flat Cost 30,00,000
Loan : 24,00,000
No other loan I have.
-Can I claim exeption under 80c? As I will not be residing there.
-If Yes, then can I apply for rent exemption because I reside with My parents? If No, 1.5 lac for 24c is applicable or can I claim more?
Bascially my query stems from the fact that I want to decide whether I should go for 15 year loan period or 20 year to maximize my tax saving. When I look at the break-up for these tenure the interest remain same more or less same on Y0Y but in 15 years tenure the princple componenet increases.