Repayment of the principal amount of a home loan is allowed as tax deduction under Section 80C. This deduction is available on payment basis irrespective of the year for which the payment has been made. The amount paid as stamp duty and registration fee is also allowed as a deduction under Section 80C.
A tax break for payment of interest on home loans is allowed under Section 24. The maximum tax deduction allowed under Section 24 of a self-occupied property is `2 lakh.
Section 80EE provides for an additional deduction of `50,000 for interest on home loans for first-time buyers. In this case, the loan amount should be below `35 lakh and the value of the house should be below `50 lakh.
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