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how is rebate for housing loan treated under indian IndianTax laws?
I am a salaried employee,I want to avail a loan for a house in construction that will be let out on rent,I already stay in a house on loan,Will I be able to claim rebate only when I let out the house on rent,how to claim rebate on EMI of loan till that house is completed ?
1 Answer
- 8 years agoFavorite Answer
Rebates means rewards in general terms. Well when you take a loan and your paying interest, you shall submit your loans documents and tax receipts to your accountant at the end of the financial year. Then according to your sources of income your accountant shall deduct the amount of taxes your paying for the loan in the income tax, so basically you shall end up paying less income tax as per your loan tax guidelines. It actually helps to take loans when it comes to get tax rebates. Best luck and hope your house gets constructed soon.
