Hi Harsh, Under which section of IT, we can claim rebate on Housing Loan & whether the rebate is avaliable only on Intrest Part or on both Principal & Intrest? - Subodh Deshpande
You can claim rebate on both interest and principal under section 80c of IT act. If the loan has been availed after FY 1999, rebate is up to Rs 1,50,000 on interest. Rebate up to Rs 1 lakh can be claimed on principal and Rs 1 lakh would be inclusive of rebate on PF deductions, LIC premiums, NSCs etc.
