Buying a new house by availing a home loan in India comes with a multitude of benefits - a borrower gets to be a proud homeowner and enjoy a multitude of home loan tax benefits.
Section 24 of the Income-Tax Act or ITA allows a home loan borrower in India to claim tax exemptions on the amount levied as interest on the home loan. A borrower may claim the same amount of tax benefit on their loan even if their purchased property is vacant as part of deduction under section 24.
The tax deductions allowed on the home loan rate of interest under Section 24 of the Income-Tax Act are as follows:
A housing loan borrower must keep interest certificates handy. These reflect the interest paid on the home loan. If any of the mentioned terms and conditions are not met, the deduction per section 24 of the income tax act on the interest is then limited to Rs.30,000.
The following income is expected to be taxable under the head ‘Income from house property of the Income-tax Act, 1961.
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Last update on 11-Mar-2021
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