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Housing Loan Deduction In Income Tax
Housing Loan Deduction In Income Tax -
Income Tax Act allows home loan borrowers to save on their taxes under two sections deduction of up to Rs 1 5 lakh on principal repayment under Section 80C and up to Rs 2 lakh on interest payment under Section 24 b Note that home loan borrowers opting for new tax regime cannot claim deductions under Sections 80C or 24 b
This is why a home loan is eligible for tax deduction under Section 80C And when you buy a house on a home loan it comes with multiple tax benefits that significantly reduce your tax outgo
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Tax Benefits On Home Loan Know More At Taxhelpdesk
Tax Benefits On Home Loan Know More At Taxhelpdesk
On purchase of property with home loans borrowers enjoy a variety of deductions on their income tax liability These deductions against the tax could be claimed under four sections of the income tax act namely Section 80C Section 24 Section 80EE and Section 80EEA
A home loan can help avail an 80C deduction of up to 1 5 lakh 80EE deduction of 50 000 and 24 b deduction of 2 lakh Hence a total taxable value deduction of up to 4 lakh for
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Tax Query Can I Claim Deduction On Housing Loan Under New Tax Regime
Tax Query Can I Claim Deduction On Housing Loan Under New Tax Regime
Section 80C allows the deduction for the amount paid towards the principal repayment of the home loan taken from the specified financial institutions This deduction is allowed under the overall umbrella limit of Rs 1 5 lakh of Section 80C
Can claim a deduction of amount upto Rs 2 00 000 on the home lan interest Deduction on interest is limited to Rs 30 000 if assesse fails to meet the condition as mentioned below Condition The loan must be taken for purchase and construction of property The loan must be taken after 01 04 1999
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Tax Benefits On Home Loan Know More At Taxhelpdesk
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This is why a home loan is eligible for tax deduction under Section 80C And when you buy a house on a home loan it comes with multiple tax benefits that significantly reduce your tax outgo
https://taxguru.in/income-tax/housing-loan...
1 Deduction under section 80C Your home loan s Principal amount stamp duty registration fee or any other expenses is a part of Section 80C of the Income Tax Act Under this an individual is entitled to tax deduction on the amount paid as repayment of the principal component on the housing loan
This is why a home loan is eligible for tax deduction under Section 80C And when you buy a house on a home loan it comes with multiple tax benefits that significantly reduce your tax outgo
1 Deduction under section 80C Your home loan s Principal amount stamp duty registration fee or any other expenses is a part of Section 80C of the Income Tax Act Under this an individual is entitled to tax deduction on the amount paid as repayment of the principal component on the housing loan
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