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Home Education Processing fee and other charges of home loan are tax deductible

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Processing fee and other charges of home loan are tax deductible

Processing fee and other charges of home loan are tax deductible

Thursday, June 29, 2017, 3:24 PM

Most taxpayers are unaware that charges related to their home-loans such as processing fees or prepayment charges qualify for tax deduction. As per law, these charges are considered as interest and therefore deduction on the same can be claimed. Section 2(28A) of I-T Act defines interest as interest-payable which includes any service fees and other charges in any manner in respect of money borrowed.
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