Sec­tion 80C

Consumer Voice - - Home Loans -

Un­der Sec­tion 80C of the In­come Tax Act, any re­pay­ment made to­wards a home loan of a ‘self-oc­cu­pied’ prop­erty, up to a max­i­mum of Rs 100,000 per as­sess­ment year, is ex­empt (un­der the over­all de­duc­tion un­der Sec­tion 80C, up to Rs 1 lakh for the fi­nan­cial year 2013–14 (Rs 1.50 lakh for 2014–15). Co-own­ers of the prop­erty, who are also joint bor­row­ers of the loan, can in­di­vid­u­ally claim de­duc­tion up to the amounts they have re­paid to the loan.

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