WebMay 10, 2024 · The benefit of deduction under this section would be available from A.Y. 2024-21 and subsequent assessment years till the repayment of loan continues. That means Budget 2024 has extended the availability of additional deduction allowed under section 80EEA (of the Income Tax Act) for interest paid on affordable housing loan by one … WebFeb 1, 2024 · Tax Deduction on Home Loan Principal Repayment under Section 80C (2024) The principal portion of your EMIs repaid during a year are allowed to be taken as deduction under the Section 80C of the Income tax act. Under Section 80C, you can claim a deduction of Rs 1.5 lakh against the principal repaid during the year.
Deduction of Principal of Housing loan and Its Interest
WebFeb 8, 2024 · Principal Repayment under Section 80C; Read more about home loan-related tax benefits on our guide. Here’s an example: Aryan lives in Gurgaon and pays a rent of Rs 10,000 per month; he gets an HRA of Rs 15,000. His basic salary is Rs 40,000. Aryan has taken a loan to buy a house in Bangalore where his parents currently live. The interest he ... WebNov 24, 2024 · Deduction towards principal repayment of the home loan u/s 80C. An assessee is allowed a deduction for repayment of the principal component of the housing loan. The housing loan can be availed purchase of a new house or first-time construction of the house. This deduction is available under the famous section 80C up to its limit of Rs … capital of northern marianas
Tax benefit on home loan from employer is conditional - DNA India
WebFeb 27, 2024 · Updated: 27-02-2024 10:57:28 AM. The Government of India offers home loan tax benefits of up to Rs 5. lakh to individuals – deduction of up to Rs. 1.5 lakh on principal repayment under Section 80C and up to Rs. 2 lakh on interest payment under Section 24 (b). To boost affordable housing segment, the government also introduced an additional ... WebJan 29, 2024 · Repayment of home loan: Those repaying a home loan can claim deductions of up to Rs 1.50 lakhs per annum against home loan principal repayment. Section 80C deduction does not apply to home loan interest payment. The lock-in period to get this benefit is 5 years. WebJun 16, 2024 · Your home loan’s Principal amount, stamp duty, registration fee, or any other expenses is a part of Section 80C of the Income Tax Act. Under this, an individual is entitled to tax deduction on the amount paid as repayment of the principal component on the housing loan. In this, an amount upto Rs.1,50,000 can be claimed as tax deductions ... capital of northern wales