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my salary is 125000 per month gross,if i take a house on loan will i be able to save the tds.
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my tds is 26000/- per month.
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In
Home Loans
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Asked by Prem -
1 year ago
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Best Answer:
Section 80C of the Income Tax Act says that an amount up to Rs. 1 Lakh can be deducted from your income if it is invested in qualified instruments which can be Provident Fund (PF), Public Provident Fund (PPF), life insurance payments, Equity Linked Savings Scheme (ELSS), etc. If you have not made any other investments under section 80C then principal repayment up to Rs. 1 Lakh is totally deductible from your income. (The total cap for Sec 80C is Rs. 1 Lakh – so, the combined benefit of all the investments under sec 80c can't exceed Rs. 1 Lakh). There is only one condition here – principal repayment can be considered as a valid investment under section 80C only if it is made for a self occupied house. That is, you should be living in the house for which you are making the principal repayment.
So if you fulfill the above condition then you can save tds.
1 year ago - By Yuvi
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