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What is the IT rebate amount under Section 80C and Section 24

You have mentioned Rs. 20,000 tax rebate under section 80c. Does this section allow interest rebate of 20,000. Your post was income tax rebate on housing loan?

Jun 21, 2016 by Chirag, Panaji  |   Taxation

We do not think that we have mentioned anywhere in our website tax rebate of Rs. 20,000 under Section 80C. According to the Income Tax Act 1961, the maximum tax rebate allowed under Section 80C is Rs. 150,000 for the current financial year.

With regards to our post on Income tax rebate on housing loan, I think you are referring to this - Can I claim Income Tax benefit on the amount which I spent for loan approval - https://goo.gl/nXn2b9. Please go through the post wherein apart from Section 80C rebate we have also mentioned that under Section 24 of the Income Tax Act, an amount of Rs. 200,000 is also allowed on housing loan interest provided it is a self occupied property.

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