Q.What amount of Home loan deductions can be claimed for FY 2016-17 ?

Ans.The deduction for home loan can be claimed under 3 different sections as follows :

Section	Amount of Deduction	Deduction Available on which amount
80 C	Maximum Rs.150000	Principal repayment of Home loan
24	Maximum Rs.200000(For Self Occupied House Property) No limit- For not self occupied house	Interest on Home loan
80EE	Maximum Rs.50000 (For first time home buyers)	Interest on Home Loan provided the loan is sanctioned between 1.4.16 to 31.3.17

For further details regarding Home loans you can refer Home loans-Facts to know !

Q.What are other short term investment options other than FDs ? »

« Q.Mrs.Roshni receives FD interest of Rs.14500 in FY 2015-16.Can she claim deduction U/s 80 TTA?

Tags: deduction on home loanHome loan deductionshome loanstax benefit on home loan

Harleen Kaur: Harleen Kaur is a Chartered Accountant (ICAI), qualified in 2009, and the founder of Fintrakk. With over 8 years managing finance and accounts and more than 10 years writing personal-finance and investing content for Indian readers, her work is known for being in-depth and well-researched, grounded in primary sources. Harleen also brings 2+ years of experience building technology products.