POSTED BY March 1, 2013 9:55 pm COMMENTS (5)ON
I have a home loan of 20 Lacs with monthly repayment instalment of abt 20k.
I will get possession in May 2013.
1. Am i entitled to get Tax benefit of 1 lakh (80C) plus 2.5 lakh(section 24), after I get possession?(As per new budget)
2. Is there any part of Home Loan that I can show under Section 80 C?
3. Could you clarify how is the Income tax calculated. Taking reference as Gross salary 6.4 Lacs for a male 26 yrs and how can the tax be minimised?