sir / mam
im wrking in defence and my monthly salary is 60,000. i m planning to take a home loan of 15 lakhs for 15 years frm LIC fr a flat wch i have booked for myself.the monthly installment is coming around 15,800 .kindly tell me how much income tax am i paying rite now and once this monthly installment will start how much benefit will i get in income tax??

Admin’s Response:

u/s 24(b) of the Income Tax Act, you will be entitled for a deduction upto Rs. 1,50,000/ p.a. on account of interest you pay on such loan and upto Rs. 1,00,000/ u/s 80-C maximum of the re-payment of the principal amount for the said loan.