Regarding Home loan tax exemption.?

Please clarify

Regarding Home loan tax exemption.

I know that principle amount limited to 100000 is exempted under 80 c what about rest of the amount? And what about the regular exemption under 80c

I know that the interest on home loan is exempted up to 150000. how it is calculated what about EMI because if you consider only interest, the share of interest in EMI is very less and what about the rest of amount.

An example will be appreciated.

Thanks
Saji

Repayment of home loan principle amount comes under 80C. The Maximum deduction U/s 80C is limited to Rs.1 lakh only. If you repayment principle is 1 lakh and other 80c exemptions say 1 lakh. Total 2 lakhs 80C. But you can claim Rs.1 lakh only as deduction.

Regarding interest the max. deduction is Rs.1.5 lakhs.

About EMI:. The EMI consists of both principle and interest. At the end of year say after march, approach your home loan provider. He will give you a certificate stating that how much principal amount and how much interest amount he has adjusted to your home loan a/c for the financial year for the amount you have paid (EMI & Extra amount if any) during that financial year. Accordingly you can calculate and claim the deductions.

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