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Tax Benefits

  a) What are the tax benefits on housing ln?
Resident Indians are eligibile for certain tax benefits on principal and interest components of a housing loan under the Income Tax Act, 1961. Interest repayment of Rs. 1,50,000 p.a. can get the borrower a tax saving up to about Rs. 50,985 p.a. under Sec 88. Moreover, one can get added tax benefits under Sec 80 C on repayment of principal amount upto Rs. 1,00,000 p.a. that can further reduce his tax liability by about Rs. 33,990 p.a.

b) Will the IT certificates be issued in the name of both applicant and co-applicant separately?
As per the IT rules, only one certificate can be issued for a home loan and hence one certificate will be issued in the name of both applicant and co-applicant.

c) When is the IT certificate issued?
IT certificate will be issued at the end of a financial year.

d) How can one get the tax benefit during the year?
You can request for a provisional income tax certificate that can be issued any time during the course of the year.
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