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Home Loan Interest Deduction In Income Tax
Home Loan Interest Deduction In Income Tax -
The maximum deduction allowable is 50 000 The deduction of up to Rs 50 000 under section 80EE is over and above the deduction of up to Rs 2 00 000 available under section 24 for interest paid in respect of loan borrowed for acquisition of a self occupied property Section 80EEA
Interest expenses on loans for the production of income are primarily deducted against your capital income such as dividends or rental income If you have no such income there will be a credit from your earned income taxes amounting to 30 of the interest expenses
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Tax Benefits On Home Loan Know More At Taxhelpdesk
Tax Benefits On Home Loan Know More At Taxhelpdesk
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Under Section 24 b Interest Payment For a self occupied property you can claim a deduction of up to 2 00 000 on interest payment Since you paid 1 40 000 as interest you can claim the entire amount as a deduction Calculating the Tax Savings Suppose you fall into the 30 income tax bracket
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Student Loan Interest Deduction 2013 PriorTax Blog
Student Loan Interest Deduction 2013 PriorTax Blog
What is Home Loan Interest Deduction u s 80EE Section 80EE of the Income Tax Act introduced in the Financial Year 2013 14 offers an additional deduction on interest payments made towards home loans This deduction is provided over and above the existing deductions available under Sections 24 b and 80C
Section 80EE allows Income Tax Benefits on Interest on Home Loan to first time buyers in the following events This deduction will be provided only if the cost of the property acquired is not more than Rs 50 Lakhs and the amount of the loan taken is up to Rs 35 Lakhs The loan should be sanctioned between 1st April 2016 and 31st March 2017
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Interest expenses on loans for the production of income are primarily deducted against your capital income such as dividends or rental income If you have no such income there will be a credit from your earned income taxes amounting to 30 of the interest expenses
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Maximum interest deduction under Section 24 b is capped to Rs 2 lakh including current year interest pre construction interest However if your home loan is eligible for deduction under Section 80EEA you can claim an additional deduction of Rs 1 5 lakh We have discussed Section 80EEA later in this article
Interest expenses on loans for the production of income are primarily deducted against your capital income such as dividends or rental income If you have no such income there will be a credit from your earned income taxes amounting to 30 of the interest expenses
Maximum interest deduction under Section 24 b is capped to Rs 2 lakh including current year interest pre construction interest However if your home loan is eligible for deduction under Section 80EEA you can claim an additional deduction of Rs 1 5 lakh We have discussed Section 80EEA later in this article
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