Know How to Incur Tax Benefits Through Home Loans

Home sweet home – more or fewer everyone dreams of owning a house. But, in most cases, we don’t have enough wealth or funds to satisfy our dream. In that case, a home loan is one of the easiest ways to buy a home. When a home loan helps you to fulfill your dream, it also helps you to save a certain amount of money in paying taxes. So, today, we are going to learn how you can earn income tax benefits through your home loan. If you want to know more about income tax benefits on your home loan, you can consult CA Chandan Agarwal & Co. in Kolkata undoubtedly.

Avail Tax Benefits from Home Loans

According to the Income Tax Act, of 1961, the Indian government provides an array of benefits to candidates who buy a home with a loan. The tax benefit varies within sections. Let us know in detail.

Section Laws:

1. Section 80C: You can get the maximum home loan tax exemption under section 80C is Rs. 150000/- in a fiscal year. According to the section, you can claim the tax deduction on the basic amount that you need to repay to the financier. You can also claim the tax amount deduction on stamp duty as well as registration charges of your home.

2. Section 24(b): Section 24(b) does not offer a tax deduction on the full amount of a home loan. But, it will provide tax deduction only on the interesting part of your home loan amount. The section also brings you tax relief if you will take a loan for the renovation or construction of your home.

3. Section 80EE: If you are about to buy a home for the first time, you can claim this tax benefit on your home loan.

Last but not least…..

These are just glimpses of tax-saving methods on your home loans. A professional tax consultant or a firm like CA Chandan Agarwal & Co. can make you understand better regarding all the tax benefits on home loans.

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