Tax Exemption for House Building Interest & Recovery of Principal H.B. Advance

Discussion in 'Tax' started by amitava, Nov 26, 2014.

  1. amitava

    amitava Active Member

    Dear Frnds, I have taken Home Loan from Central Bank a few months ago, for which I am paying the EMI.
    I would like to know how to produce the certificates for H.B. Interest as well as Principal amount recovery of H.B. Loan for availing Tax Benefit.
    (Bank has only given the Loan sanction letter mentioning the loan amount and the EMI for repayment of loan.)
    Thank you.
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  2. gpgarain

    gpgarain Following You. Staff Member

    At every year ending (i.e, in month of March), you should approach your bank and apply for H.B. Loan Interest Certificate. They would provide you the same showing the details of Principal and Interest in that particular financial year. That's it.
     
  3. amitava

    amitava Active Member

    Thank you gp da
     
  4. mihiracharya

    mihiracharya Staff Member

    1) Amount of interest of Home Loan will be deducted from Gross Salary,
    2) Amount of Principle of Home Loan will count within 150,000 (savings)with G.P.F,LIC, etc.