NEWS & ADVICE : HOME LOANS
Are you ready to file your taxes? Please read before 31st March
By Joseph Samson
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4. If you are serving a home loan then you should have the certificate of repayment of principal amount and the interest paid during the financial year from the bank to which the payment is made. This is a necessary proof that has to be provided to your employer stating the income under the head ‘House Property' so as to claim for deduction under Section 80 C.

5. In case you are claiming for house rent allowance benefit (HRA) then make sure that all the documents like rent receipt, etc are submitted with your employer. Only if all the necessary details and proofs are presented to the employer, one can claim deductions for HRA.

6. If you have just started working and are still serving your education loan then ensure that you have all the necessary records to claim deduction under Section 80 E of the Income Tax Act.

7. For instance you are paying health insurance premium for self and family then to claim deduction under Section 80D you should have all the receipts of the premium paid.

8. If anytime during the year you have donated funds to any charitable organization then make sure you have a valid receipt for the same to claim for tax deduction under Section 80 G.


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