We saved our client Rs. 1 lakh in home loans!
The IT Act offers deductions that can significantly reduce your tax liability.
Let’s dive into the details and unlock potential savings.
➡️ Principal Repayment (Section 80C): The principal amount paid on your home loan EMI? It’s not just a step towards ownership—it’s a tax-saving move.
Claim up to Rs 1.5 lakh annually, but remember, selling the property within five years could reverse the benefits.
➡️ Interest Deduction (Section 24b): Building or buying a home? The interest paid on your home loan can lighten your tax burden.
For self-occupied properties, deduct up to Rs 2 lakh. For let-out properties, there’s no cap—reap the full benefits of your investment.
➡️ Pre-Construction Phase Interest: Paying EMIs on an under-construction property? Patience pays off.
Claim interest deductions post-completion, spread over five years, capped at Rs 2 lakh.
➡️ Additional Deductions (Section 80EE): First-time homebuyers, take note! An extra deduction of up to Rs 50,000 awaits, provided your property and loan meet specific criteria.
➡️ Stamp Duty & Registration (Section 80C): Don’t overlook the smaller details.
Stamp duty and registration charges are also deductible, adding to your savings.
Stay informed and proactive.
Ensure all deductions are claimed and the paperwork is in order. Your home isn’t just a place to live—it’s a strategic asset in your tax planning arsenal.
For a comprehensive understanding of home loan tax benefits, consult us!
