TaxTMI 
TaxTMI 
Maximum additional tax "saving" with home loan
X X X X Extracts X X X X
X X X X Extracts X X X X
....aximum additional tax "saving" with home loan<br> Query (Issue) Started By: - Himanshu Agrawal Dated:- 31-12-2021 Income Tax<br>Income Tax<br>I want to confirm my following understanding: Context: ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....* 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 lakh and value of the property is 40 lakh * Person will not liv....
X X X X Extracts X X X X
X X X X Extracts X X X X
....e in that property, he will either rent it or his parents will live * Person is already utilizing his 80C exemption This is means person can only apply for a maximum of 2.5 lakh of exemption Questi....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ons: * With the above-stated conditions, am I correct that the maximum exemption he can apply for is 2.5L? * Considering the 30% bracket and availing an additional 2.5L exemption against the home....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... loan, am I correct that the maximum additional saving for him will be 75,000? * Does it matter whether the person lives in that home or rent it out? Does it impact tax calculation? * Any other ke....
X X X X Extracts X X X X
X X X X Extracts X X X X
....y consideration I am missing related to tax calculations? If any tax expert could help clarify/confirm my understanding, it will be greatly appreciated. Warm Regards<br> Discussion Forum - Knowledge....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... Sharing ....