New Delhi: People also take home loan for their own house. At the same time, some people are not aware that tax can also be saved through home loan. Actually, if you have taken a home loan, then income tax exemption can also be obtained. Some savings can also be done by taking advantage of tax exemption. Tax exemption can be availed under these sections while filing income tax.
While filing income tax, exemption can be availed on home loan under section 80C. Income tax exemption of up to Rs 1.5 lakh can be availed on principal under 80C in any financial year. Along with this, you can claim tax rebate on expenses incurred while buying property such as stamp duty, registration charge and other expenses.
At the same time, rebate can be obtained on the interest of home loan under section 24B. Under this, the interest before the house is built and after the interest is included. If interest is being paid after the construction of the house, then tax exemption of up to 2 lakh rupees can be availed under 24B.
On the other hand, Section 80EE provides an additional rebate of 50 thousand rupees (other than section 24) on the interest of home loan. However, many conditions have to be complied with. Under this, the home loan should not be more than Rs 35 lakh. At the same time, the property should not be worth more than Rs 50 lakhs. Also, there should be no other property register in the name of the person in whose name the loan is being issued.
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