Housing Loan Interest Comes Under Which Section

Same deduction if the house is vacant also.

Housing loan interest comes under which section. As per the new section 80ee first time home buyers can claim an additional tax deduction of rs 50 000 on home loan interest. Tax deductions allowed on home loan principal stamp duty registration charge. As per section 24 the income from house property shall be reduced by the amount of interest paid on home loan where the loan has been taken for the purpose of purchase construction repair renewal reconstruction of a residential house property.

50 000 per financial year as per this section. This deduction is over and above tax deduction of 2 lac under section 24 and 1 5 lac under section 80c. As per section 24 you can claim a deduction of up to rs.

If you are receiving income from the house property then the amount that you are paying as interest on your home loan will be reduced from this income. The maximum deduction that can be claimed under this section is rs. The deduction allowed under this section is for the interest paid on a home loan for up to a maximum of rs 50 000 per financial year.

If the property is let out on rent then the entire interest paid on the home loan can be deducted even if that amount is more than 2 lakhs. Relevant section s in the income tax law. Section 80ee allows income tax benefits on the interest portion of the residential house property loan availed from any financial institution.

Additional deductions are available u s 80ee and 80eea. So maximum tax benefit shall be 4 lac per year. Home loan repayment is eligible for tax deductions under the income tax act 1961.

Under section 80ee a tax deduction of rs 50 000 is offered to first time home buyers against the home loan interest payment if they meet certain conditions. Section 80c allows deduction against principal repayment of up to rs 1 5 lakh every year. 50 000 during a financial year.