Income Tax 2024: You can also save tax through home loan. The government provides tax benefits to taxpayers on home loans. Under Section 24 of the Income Tax Act, you can avail tax deduction on home loan. In this you can claim tax exemption for home loan repayment of Rs 2 lakh.
New Delhi: The government is also encouraging people to buy their own houses. For this, the government also gives them the benefit of tax benefits. After getting tax exemption, people can easily buy houses at low cost.
In today’s time, everyone dreams of buying their own house. In such a situation, many people take home loan to build their house. Many people are not aware that they also get the benefit of tax benefits on home loan.
Regarding tax benefits available on home loan, Sanju Bhadana, Managing Director, Four Ace Developers said that
Home loan is a big step taken for purchasing a house. When you buy a house using a home loan, you have to pay interest. You can get tax exemption under Section 24, Section 80C, and Section 80E under the Income Tax Act on paying interest on home loan. Under Section 24, you can get deduction on your home loan interest up to a maximum of Rs 2 lakh during a financial year.
He further says that under Section 80C, you can get a maximum deduction of up to Rs 1.5 lakh on the interest payment on your home loan. Under Section 80E, you can get a maximum exemption of up to Rs 50,000 on home loan interest payments. It is very important to consult a financial advisor regarding the tax benefits of home loan.
How to get tax benefit on home loan
- Under Section 24 of the Income Tax Act, you get a rebate of up to Rs 2 lakh on the interest charged on home loan in a financial year. This exemption helps in reducing the tax burden on the loan holder.
- Even if the taxpayer returns the principal amount of the home loan he has taken to the bank, he still gets tax benefits. To avail this benefit, the taxpayer can claim a maximum of Rs 1.50 lakh under Section 80C of Income Tax.
- If you have bought a house this year, then let us tell you that you can also avail income tax benefits on registration and stamp duty. You will get this benefit under Section 80C of the Income Tax Act. In this you can avail maximum benefit up to Rs 1.5 lakh.
- Even if two or more people have taken a home loan together i.e. have taken a joint loan, the government still gives them tax exemption. In this, benefit of up to Rs 2 lakh on interest and Rs 1.5 lakh on principal amount is available.
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at informalnewz@gmail.com
