This is related to the India. So an answer pursuant to the Indian IT rules would be much appreciated.
Let's say my income details are:
Gross Annual Income: Rs.10,50,000 HRA received from employer: Rs.15,000 per month Rent being paid: Rs.12,000 per month (non-metro city) PF being deducted: Rs.4,500 per month Meal card: Rs. 900 per month Medical insurance for self, spouse, children: Rs.0 (taken care by the employer) Medical insurance for parents: Rs.2,100 per month
I have nothing else that would come under savings (No mutual funds, no NSC, no Superannuation fund etc)
Now if I take a home loan of about say Rs. 27,00,000 (I assume the EMI for it would come to around Rs. 23,000 - Rs. 25,000), how much of this can be used to reduce the amount of tax I'm paying at the moment?