Do I get a tax benefit on Home Loan?

Yes you get tax benefit on both interest and principal of home loan. Up to Rs 1 lakh can be deducted for principal of home loan EMI under section 80 C. The cap of Rs 1 lakh includes all other deductions permissible under section 80 C. Up to Rs 1.5 lakhs can be deducted for interest of home loan EMI under section 24. If the house is rented out there is no cap on interest deduction.

For more details read the articleAll About Taxes- Property Investments.

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