Mortgage Redemption

Tax Glossary Definition

Mortgage Redemption

The act of settling a mortgage loan in full, leading to the discharge of the lender’s charge on the mortgaged property. Repayment of both the principal and interest portions may be eligible for tax deductions under applicable provisions of the Income Tax Act. Example: Principal repayment qualifies under Section 80C, while interest paid is deductible under Section 24(b).

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