Buying a New Home
Tax Exemption on New House, Deduction on interest amount, There is also some exemption on the loan amount – Hello And Welcome Friends I hope Your Good And enjoying Our Free Recharge Tricks, Refer And Earn, Free Tricks And Cashback Offers And Many More Loot Deals, So Friends Lets Explore This Topic A To Z
Thinking of buying a house? But you should know one thing. Tax exemption benefits can be availed on home purchase. It also has a benefit of up to Rs.4 lakh.
Want to Realize Your Dream Of Owning a home? But You Should Know One Thing. First time Home Buyers Get Tax Exemption Benefits. You Can Get Tax Exemption Under Section 80EE of the Income Tax Act.
1. Exemption on Loan Amount And Interest
Interest Paid On Home Loan Amount is tax Deductible. A Maximum Exemption Of Rs.1.5 lakh is Available In A Financial Year. This is in addition to the Rs 2 lakh tax Deduction Available Under Section 24 of the Income Tax Act. You Can Avail This Benefit Till you Pay Off The Home Loan In Full.
2. Who can get this benefit?
Applies to Them Even If They Buy A House. Also the Value Of The House Should Be Less Than Rs.50 lakhs. The Loan Taken For The House Should Be Rs.35 lakhs or less. a loan should be taken From A Financial Institution or Housing Finance Company.
3. How to get tax exemption?
If Taking A Joint Loan.. Both can get Tax Exemption On Home Loan Interest Amount. A Deduction Of Up To Rs.1.5 Lakh Is Available On The Home Loan Amount Under Section 80C. Moreover, Under Section 24, Tax Deduction Up To Rs.2 Lakh Can Be Availed On Home Loan Interest Amount.
4. More tax deduction available?
Home Buyers Are Also Getting More Tax Exemption Benefit. Apart From Rs.2 Lakh Under Section 24 Of The Income Tax Act and Rs.1.5 lakh under Section 80C, Another Benefit Is Also Available. Under Section 80EE of the Income Tax Act, first-time home buyers can get an Additional Tax Deduction Of Rs.50,000.