Your home loan can fetch you a lot of tax benefits under section --
• 80C
• 24B
• 80EE
• 80EEA
Let's discuss them in detail. ⤵
• 80C
• 24B
• 80EE
• 80EEA
Let's discuss them in detail. ⤵
1️⃣ 80C
▶Maximum deduction amount: Upto ₹1.5 Lakh
You should not sell the property before five years.
▶Maximum deduction amount: Upto ₹1.5 Lakh
You should not sell the property before five years.
2️⃣ 24B
▶Maximum deduction amount: Upto ₹2 Lakhs on interest.
You are eligible if you take a home loan for buying/constructing the house.
▶Maximum deduction amount: Upto ₹2 Lakhs on interest.
You are eligible if you take a home loan for buying/constructing the house.
3️⃣ 80EE
▶Maximum deduction amount: Upto ₹50 thousand on interest.
The loan amount should not exceed ₹35 lakhs & the house value should be less than ₹50 lakhs.
▶Maximum deduction amount: Upto ₹50 thousand on interest.
The loan amount should not exceed ₹35 lakhs & the house value should be less than ₹50 lakhs.
4️⃣ 80EEA
▶Maximum deduction amount: Upto ₹1.5 Lakh.
If you are claiming tax benefits under 80EEA, then you cannot claim 80EE. The property value should not exceed ₹45 lakhs.
▶Maximum deduction amount: Upto ₹1.5 Lakh.
If you are claiming tax benefits under 80EEA, then you cannot claim 80EE. The property value should not exceed ₹45 lakhs.
Quest Tip - The best way to save more tax is to buy a house as a joint owner.
This way, both borrowers can claim tax benefits of ₹1.5 lakh each u/s 80C.
Also, remember the condition that if u claim tax deductions u/s 80EEA, you cannot claim tax deductions under section 80EE
This way, both borrowers can claim tax benefits of ₹1.5 lakh each u/s 80C.
Also, remember the condition that if u claim tax deductions u/s 80EEA, you cannot claim tax deductions under section 80EE
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Also, do let us know if you want us to cover more such tax-saving hacks!⤵️
Also, do let us know if you want us to cover more such tax-saving hacks!⤵️
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