First-time homebuyer? You can claim up to Rs 5 lakhs as Income Tax deductions if you are taking a home loan
Know how - Read Thread ๐งต
Know how - Read Thread ๐งต
If you are buying a home for the first time, you are entitled to get income tax benefits on it under three sections โย
1) Section 24
2) Section 80EEA
3) Section 80C
1) Section 24
2) Section 80EEA
3) Section 80C
1) Section 24 - It permits a deduction of up to 2 lakh rupees on the interest paid for a house loan acquired for a self-occupied property, and it provides a deduction of the entire interest for a property that is let out.
2) Section 80EEA - A deduction for interest payments up to Rs 1,50,000 is available under Section 80EEA. This deduction is over and above the deduction of Rs 2 lakh for interest payments available under Section 24(b) of the Income Tax Act.
Some Conditions to claim 80EEA
1) Loan must be taken from a financial institution
2) Loan should be sanctioned 1st April 2019 - 31st March 2022
3) Stamp duty value should be < Rs 45 lakhs
4) Taxpayer should be a first-time home buyer & some restriction to the carpet area
1) Loan must be taken from a financial institution
2) Loan should be sanctioned 1st April 2019 - 31st March 2022
3) Stamp duty value should be < Rs 45 lakhs
4) Taxpayer should be a first-time home buyer & some restriction to the carpet area
3) Section 80C - It allows a maximum deduction of Rs 1.5 lakh every year from the taxpayers total income, a borrower can avail deduction on the repayment of principal.
So in short you can avail of a deduction of Rs 2 lakh in Section 24, an additional 1.5 lakh in Section 80EEA and Rs 1.5 lakh in Section 80C, total of Rs 5 lakhs
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