WebJan 30, 2024 · Updated January 30, 2024. Blog » Section 80EEA: Tax Deduction On Home Loan Interest Payment. Section 80EEA of the Income Tax Act allows first-time home buyers to claim a tax deduction of up to ₹1.5 Lakh for the interest payments made towards their home loan. This tax relaxation benefit was launched in the year 2024 and was applicable … WebSection 80EE of the Income Tax Act . Before we talk about Section 80EE of the Income Tax Act, borrowers must know that Section 24(b) of the Income Tax Act allows one to claim …
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WebNov 29, 2024 · Section 24 (b) of Income tax Act provides assesee is eligible to claim deduction for home loan interest upto Rs. 2 Lacs. Interest paid on home loan before possession of property can be claimed in 5 equal installments from the year of possession. WebApr 7, 2024 · To make it simple, interest on a housing loan is allowed as a deduction under section 24 (b) even if the loan is not taken from a bank or financial institution but from an individual. However, section 80C deduction shall be available only where repayment of the principal amount is made against a loan taken from a bank or financial institution. iphone input
Income Tax Benefits on Home Loan Save on Exemptions Before …
WebOct 26, 2024 · An individual can claim two tax benefits on a home loan taken. An individual can claim a deduction of up to Rs 2 lakh on the interest paid on a home loan. Similarly, the principal amount repaid also qualifies … WebTax Deduction for joint home loan. If a home loan is taken jointly, each borrower can claim deduction on home loan interest up to Rs 2 lakh under Section 24 (b) and tax deduction … Web1 day ago · Abhishek Soni said, “Taxpayers can claim a deduction for interest paid on housing loans taken for a rented-out property under Section 24(b) of the Income Tax Act … iphone in recovery mode won\u0027t restore