Is EMI bothering you? Here are ideas to make it easy
Posted on: 16/Mar/2018 2:53:19 PM
When it is a new month, how many EMI payments are you bound to pay? Is your EMI bothering you so much? Worry no more! Here is a simple solution to escape EMI burden.
Do you know that you can claim tax exemption for the EMI you pay towards education loan taken for yourself, spouse or children? Yes, it is. Section 83(E) of income tax Act, 1961 lets you claim this tax exemption. Similarly, the portion of interest paid towards housing loan EMI is also eligible for tax exemption, according to Section 24 of Income Tax Act, 1961. And in fact, a few rules even allow you to claim tax exemption for the principle EMI repayment.
Knowing these loopholes in tax exemption can help you save a lot of money!
