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Rebate of income tax for home loan

rebate of income tax for home loan

30,000 No Limit No Limit Budget 2017 Update In case of non-self occupied property, the interest paid is reduced from the Rent paid to arrive at the Income from House Property.
Conditions for claiming deduction, you can claim deduction only if the construction of property is complete and you have received a discount mattress and furniture manville nj completion certificate for the same.
In such a case, your total taxable income will be Rs 8,50,000 Rs 52,000 - Rs 1,80,000.22 lakh.Additionally, Section 24 benefit is available only if the construction of the house is completed within five years of the end of the FY in which the loan was availed.2) Deduction on principal repayment: The component of your EMI which goes towards principal is eligible to be claimed under Section 80C of the Income Tax Act.The total deduction allowed under Section 80EE cannot exceed Rs 1 lakh.(Preeti Khurana is a chartered accountant and chief editor at ).You must be both an owner and a co-borrower (in the loan) to claim tax benefits.PPF Account, Tax Saving Fixed Deposits, Equity Oriented Mutual funds, National Savings Certificate, Senior Citizens Saving Scheme etc.Amount of deduction available, deduction on Stamp Duty Registration Fee.Non Self Occupied Property: No Limit.Pre-construction interest is available separately as a deduction in equated instalments over a period of five years.However, if your lender charges you a penal interest for late payment, you can't claim it as deduction.The benefit of this deduction would be available till the time the repayment of the loan continues.Tax daily food deals monday Benefit on Home Loan for payment of Interest is allowed as a deduction under Section 24 of the Income Tax Act.5) Deduction under Section 80EE: This section has been inserted to provide tax benefit to first time home owners where value of the house is Rs 40 lakh or where's my rebate menards less and the amount of loan taken is Rs 25 lakh or less.As the repayment comprises of 2 different components, the tax benefit on home loan is governed by different sections of the Income Tax Act and these are claimed as tax deductions under different sections while filing the Income Tax Return.
However, they can only be claimed in the year in which they are paid.