Skip to main content

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. 

Labels:

Comments

Post a Comment

Popular posts from this blog

Financial Advisory Roles of a Chartered Accountant

Introduction Did you know that 70% of small businesses seek the advice of a financial advisor to navigate complex financial landscapes ? If you’re running a business or planning to start one, the insights from a Chartered Accountant (CA) can be invaluable. They don't just crunch numbers; they serve as strategic partners who can help guide your financial decisions and drive your business forward. In this article, we’ll explore the various financial advisory roles that a Chartered Accountant plays, showing you how they can be an essential asset to your business. 1. Business Planning and Strategy Crafting a Financial Roadmap One of the primary roles of a Chartered Accountant is to help you craft a robust business plan. They can assist in outlining your financial goals, identifying potential risks, and developing strategies to achieve your objectives. Whether you're starting a new venture or looking to expand, a CA can help you create a financial roadmap that aligns with your busin...
Post a Comment
Read more

Know Why You Should Hire a Professional Chartered Accountant

As a business entity your main job is to grow and sustain your business by taking appropriate business decisions. For a sustainable growth and, you must have a control over your growth from financial perspective. Your finance must be sound enough to you so that you have hot the big picture at your command. You must be able to interpret the financial statement of your company. However, you might not understand the intricacies of calculations that derive the results. In fact it is natural for you not to understand all the intricacies as accounting is an entirely a different subject with a completely different framework, and it needs to be handles by the field experts. So, assign the accounting part of your business to an experienced professionals like Chandan Agarwal , who can take care of your tax files, investment and return; and profit and loss and other issues that deserve expert attention. The Way Your Business Gets Benefits of Hiring a Chartered Accountant Ø   If somebody ...
Post a Comment
Read more

Why Should Businesses Go For Risk Consultancy Services? Find Out!

A business without risk is unthinkable. Risk is an unavoidable thing when you are in business. There are different kinds of risks to face depending on the niches of business. Among types of risks for businesses, financial risk or loss is the area that can be controlled or evaded if your company thinks of hiring a chartered accountant like Chandan Agarwal . A chance of loss is always there for an organization if the financial risk is not monitored in time with the right person. A chartered accountant is a person who plans the best strategies to manage the financial losses taking place due to some assessed or under assessed risks in an organization. Due to the uncontrolled and unmanaged risks, businesses can mislay the value for shareholders as well as the significant resources. These risks can cause danger to the status of the repute of the company or business. What Would You Get from Risk Consultancy? There is no certain or frequent form of risk that a company or business faces; ea...
Post a Comment
Read more