Home Loan Tax Benefits
Home Loan; some think it as burden while some consider it as a boon. Views various from person to person. A person who has surplus money may not want to buy home with loan and pay the extra interest while common man may go for loan. But its not the stuff that u should not take home loan if u have surplus money. Ofcourse you can and you should because home loan comes with lots of tax benefit which otherwise u cannot get and instead pay full tax on ur incomes. So here I have come up with , so that more and more can avail these benefits and make their standard of living at ease.https://encrypted-tbn0.gstatic.com/images?q=tbn:ANd9GcS9ouxP6YKpLTjRSyTxoDA9COjdwJRGZHlVq7t3cnqDnY47CVlQ Avail Home Loan Avail Tax Benefits on Home Loan
Since the Government at present has declared to provide house to all so it has brought many tax benefits as well so that more people get attracted and take benefits.
HOME LOAN TAX BENEFITS:-
1. In the very 1st year a crucial deduction you can get as Home Loan Tax benefit is that you can get is the deduction of stamp duty and registeration charges paid. Paying this duty always seems a burden to buyer. But u can get its deduction U/s 80C which again relaxes that extra part that u pay to the Government.
2. U pay a handsome amount as installment which comprises repayment of principal and interest.
-U can get Interest component deduction u/s24 as a Home Loan Tax benefit. If the house is self occupied then upto Rs.2Lakhs interest deduction can be claimed but if the house is given on rent then any amount of interest paid can be claimed under this section ie there is no presribed limit for this.
-Principal component deduction can be claimed u/s80C as Home Loan Tax Benefit.
3.In Home Loans what happens is ur installments deductions starts after giving a relaxation of construction period but during that period also interest is charged, this interest is called as pre-construction period interest and is allowed to be claimed in 5 installments.
4. A very good approach from governments part for Home Loan Tax Benefit is by bringing Section 80EE:-
If loan is sanctioned in Financial Year 2013-14 to any individual for acquiring a residential house property then he can claim a deduction of interest payable on such loan which shall not exceed Rs. 1 lac in the assessment year 2014-15 and wherein the deduction is less than Rs. 1 lac then the balance can be claimed in the next that is 2015-16 assessment year.
Provided that the amount of loan sanctioned does not exceed Rs. 25 Lacs and the value of the acquired residential house property does not exceed Rs. 40 Lacs and the assessee does not own any residential house property on the date of sanction of such loan.
So if you have been planning to buy a home on loan, go ahead and avail these tax benefits as well. And if you have already taken the loan, then make it a point to claim these deductions. Happy Living.
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