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| Posted On :- 28/03/2008 | |
| Question Asked :- | |
| sir, i am repaying a 10yr home loan of around 6.5lacs, at an EMI of 7800p.m. all i wanted to know is, so i get a tax rebate on Rs(7800X12) at the end of the year? considering that i am in the 20% tax bracket? p.s.: owing to a floating rate, my period of repayment has gone up from 10 years... have to check out details still... thanking u | |
| Answer :- | |
| You can get tax benefit on the interest (section 24) and the principal (section 80 C) if you are a co-borrower to the home loan and a co-owner to the property. For specific advice, please consult a tax advisor. | |
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