TMI BlogMaximum additional tax "saving" with home loanX X X X Extracts X X X X X X X X Extracts X X X X ..... I want to confirm my following understanding: Context: Person is a private sector employee, so it means he gets HRA. Person falls in 30% tax bracket Person takes a home loan of 29 lak ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h and value of the property is 40 lakh Person will not live in that property, he will either rent it or his parents will live Person is already utilizing his 80C exemption This is means person ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... can only apply for a maximum of 2.5 lakh of exemption Questions: With the above-stated conditions, am I correct that the maximum exemption he can apply for is 2.5L? Considering the 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0% bracket and availing an additional 2.5L exemption against the home loan, am I correct that the maximum additional saving for him will be 75,000? Does it matter whether the person lives in that h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome or rent it out? Does it impact tax calculation? Any other key consideration I am missing related to tax calculations? If any tax expert could help clarify/confirm my understanding, it will ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be greatly appreciated. Warm Regards - Maximum additional tax "saving" with home loan - Query Started By: - Himanshu Agrawal Dated:- 31-12-2021 Income Tax - Income Tax - Discussion Forum - Kno ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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