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1. The above calculations pertaining to Sec 80 C & Sec 24 are based on latest Tax laws, which are subject to change from time to time. Please keep track of all IT law amendments to stay on top of how your Home Loan affects your tax liability.
2. The maximum rebate allowed u/s 80C of Income Tax is Rs.1,50,000/-. The principal paid on the Home Loan is one of the eligible saving components of 80 C.
3. The maximum rebate allowed u/s 24 of Income Tax is subject to the property being Self-occupied or Rented out. Self-occupied property carries a cap of 2 Lakhs as eligible rebate, while Rented out property has no limit.
4. Income Tax laws offer additional rebate for 1st time property buyer whose loan quantum being less than 35 Lakhs & Property value being less than 50 Lakhs, by the way of Rs.50,000 additional eligible rebate on the Interest paid u/s 80 EE. This is over and above the usual eligible Interest paid rebate on the Home Loan.
5. For Under Construction property, the Pre-emi paid till the period of completion of the project can be claimed as Interest Rebate in 5 equal instalments after the property being handed over.
6. The above figures are for indicative purposes, please consult a tax consultant for doing an actual tax planning.