POSTED BY December 11, 2012 11:12 am ONE COMMENTON
I have taken home loan from SBI in SBI Surakshit Policy.So, Can i claim the tax exemption on the following??
1. interest paid 2.pricipal amount paid 3. stamp duty charges. 4. policy taken from SBI Life for life protection 5. policy taken from SBI General for general protection. (4 and 5 are part of the home loan scheme i have taken.)
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One reply on this article “Tax exemption for home loan”
The following can be claimed as tax benefits :
1. Interest on Home loan – under Income from House Property
2. Principal payment – under section 80C within the overall deduction of Rs. 1 lac
3. Stamp duty – added to the cost of the property and no exemption. When you sell the property, the cost of your property will be increased by Stamp duty and reduce the amount of capital gains;
4. Policy from SBI Life – I believe that it would be again a part of Life insurance and within the overall deduction of 80C – 1 lac
5. General Insurance – I don’t think that it would be eligible for any deduction.