I am a pensioner with Gross Income of Rs 800000/- p.a. I would like to purchase a flat of Rs 7000000/- by availing bank loans. Whether I may be benefited with exemptions under I T Act.
1 Answers
Dear Sir,
Yes, you can claim tax benefits on home loan.
Kindly read :
https://www.relakhs.com/understanding-tax-implications-of-income-from-house-property/
https://www.relakhs.com/income-tax-exemptions-fy-2017-18-list/
https://www.relakhs.com/under-construction-house-how-to-claim-tax-deduction-on-home-loan-interest-payments/
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