Interest On Home Loan Comes Under Which Section
Know The Tax Amount You Can Save On Your Home Loan Under Section 24 And 80c Home Loans Loan Business Loans
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Features of the 80ee deduction.
Interest on home loan comes under which section. You can continue to claim this deduction until you have fully repaid the loan. Interest on home loan the interest that you pay on your home loan is allowed as a deduction under section 24 of the income tax act. You can claim a deduction of up to rs.
Section 80ee allows income tax benefits on the interest portion of the residential house property loan availed from any financial institution. This deduction can only be claimed if the owner or his or her family members reside in the house property. 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.
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. Section 80ee deduction for ay 2018 19 onwards. The limit under this section is rs.
Tax benefit on home loan for payment of interest is allowed as a deduction under section 24 of the income tax act. Section 80ee allows income tax benefits on the interest portion of the house property loan availed from any financial institution. 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.
Click here to read the official text of section 88ee. The entire interest shall be waived off as a deduction in case the house is on rent. You can continue to claim this deduction until you have fully repaid the loan.
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