About Section 88 of the Income Tax Act

You get a 20% rebate on the repayment of principal during a financial year. Once again, over the years, the principal repayment eligible for rebate has been enhanced from Rs. 10,000 to the current limit of Rs. 20,000. Stamp duty, registration fee or other such expenses paid for the purpose of transfer of such house […]

About Section 24 of the Income Tax Act

Interest paid on capital borrowed for the acquisition, construction, repair, renewal or reconstruction of property is entitled to a deduction. This allows you to deduct an amount equivalent to the total interest payable on the housing loan from your taxable income within the same financial year. It is now a substantial amount although it started […]

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