Home Loan Interest Deduction Under Section
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Income Tax Deduction For Home Loan Under Section 24 80c And 80ee Tax Deductions Income Tax Tax Season
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46 350 in a financial year by investing rs.
Home loan interest deduction under section. Tax savings schemes under section 80c section 80c is a provision in the income tax act 1961 that allows taxpayers to reduce taxable income by up to rs. So if you re in the highest tax bracket of 30 you can save up to rs. You can claim a deduction of up to rs.
Features of the 80ee deduction. 2 lakh under section 24 and 1 5 lakh under section 80eea. Maximum deduction allowed under this section is rs 1 50 000.
In respect of self occupied house property interest deduction under section 24 b is restricted to 200000. However while investing or choosing the deductions our idea should be to concentrate at first on our financial goals rather than just concentrating on tax saving. Tax planning is an important part of financial planning.
Section 80ee allows income tax benefits on the interest portion of the residential house property loan availed from any financial institution. 50 000 per financial year as per this section. In respect of self occupied house property interest deduction u s 24 b is restricted to rs 2 00 000.
The deduction of up to 150000 under section 80eea is over and above the deduction available under section 24 b in respect of interest payable on loan borrowed for acquisition of a residential house property. The deduction under section 80ee was made available to individual buyers only. The limit under this section is rs.
The tax deduction is applicable on entire home loan tenure. The maximum tax deduction on interest amount paid for home loan will be 3 5 lakhs. 1 5 lakh in 80c investment instruments.
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