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Save extra 1 lakh on home loan | Savvy_vikas #finance #homeloan #shorts #budget #itrreturn
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#itr #itrreturn #taxplanning #tax #budget2023 #finance #financialadvisor #money #investment
For most people, owning a home is a dream come true. The Indian government has always favored encouraging citizens to invest in real estate. This is why a home loan qualifies for a Section 80C tax deduction. And when you buy a house with a home loan, you get a slew of tax breaks that cut your tax bill significantly.
Many schemes, such as the Pradhan Mantri Jan Dhan Yojana, are illuminating the Indian housing sector by attempting to address issues of affordability and accessibility.
A home loan is required for the purchase or construction of a home. If it is used for home improvement, it must be completed within five years of the end of the fiscal year in which the loan was obtained.
If you are paying EMI for the housing loan, it has two components –
a). Interest payment
b). Principal repayment
Section 24 allows you to deduct the interest portion of your EMI payments for the year up to a maximum of Rs 2 lakh from your total income.
The maximum deduction for interest paid on self-occupied house property is Rs 2 lakh beginning with the tax year 2018-19.
Section 80C allows a deduction for the principal portion of the EMI paid for the year. The total amount that can be claimed is Rs 1.5 lakh.
However, in order to claim this deduction, the house must not be sold within five years of possession. Otherwise, the previous deduction will be added back to your income in the year of sale.
Budget 2019 has introduced an additional deduction under Section 80EEA for homebuyers of up to Rs 1,50,000 to promote the housing sector.
The following conditions must be met in order to claim this deduction:
a).The property's stamp value does not exceed Rs 45 lakh.
b).The loan must have been approved between April 1, 2019 and March 31, 2022.
c).The individual does not own any other house on the date of loan sanction, indicating that he or she is a first-time home buyer.
d).If the individual claims deduction under this section, he or she should not be eligible to claim deduction under Section 80EE
If the loan is obtained jointly, each loan holder can claim a deduction for house loan interest up to Rs 2 lakh and principal repayment under Section 80C up to Rs 1.5 lakh in their tax returns.
They must also be co-owners of the property lent in order to claim this deduction. As a result, a loan taken out jointly with your family can help you claim a higher tax benefit.
#savvy #savvy_vikas #finance Savvy_vikas
Disclaimer : Viewers discretion is required.
Keep calm and say HAR HAR MAHADEV
For most people, owning a home is a dream come true. The Indian government has always favored encouraging citizens to invest in real estate. This is why a home loan qualifies for a Section 80C tax deduction. And when you buy a house with a home loan, you get a slew of tax breaks that cut your tax bill significantly.
Many schemes, such as the Pradhan Mantri Jan Dhan Yojana, are illuminating the Indian housing sector by attempting to address issues of affordability and accessibility.
A home loan is required for the purchase or construction of a home. If it is used for home improvement, it must be completed within five years of the end of the fiscal year in which the loan was obtained.
If you are paying EMI for the housing loan, it has two components –
a). Interest payment
b). Principal repayment
Section 24 allows you to deduct the interest portion of your EMI payments for the year up to a maximum of Rs 2 lakh from your total income.
The maximum deduction for interest paid on self-occupied house property is Rs 2 lakh beginning with the tax year 2018-19.
Section 80C allows a deduction for the principal portion of the EMI paid for the year. The total amount that can be claimed is Rs 1.5 lakh.
However, in order to claim this deduction, the house must not be sold within five years of possession. Otherwise, the previous deduction will be added back to your income in the year of sale.
Budget 2019 has introduced an additional deduction under Section 80EEA for homebuyers of up to Rs 1,50,000 to promote the housing sector.
The following conditions must be met in order to claim this deduction:
a).The property's stamp value does not exceed Rs 45 lakh.
b).The loan must have been approved between April 1, 2019 and March 31, 2022.
c).The individual does not own any other house on the date of loan sanction, indicating that he or she is a first-time home buyer.
d).If the individual claims deduction under this section, he or she should not be eligible to claim deduction under Section 80EE
If the loan is obtained jointly, each loan holder can claim a deduction for house loan interest up to Rs 2 lakh and principal repayment under Section 80C up to Rs 1.5 lakh in their tax returns.
They must also be co-owners of the property lent in order to claim this deduction. As a result, a loan taken out jointly with your family can help you claim a higher tax benefit.
#savvy #savvy_vikas #finance Savvy_vikas
Disclaimer : Viewers discretion is required.
Keep calm and say HAR HAR MAHADEV
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