Tax rebate on home loan - Make use of the entire house loan tax exemption u/s 80C for principal repayment up to ₹1.50 lakhs and the housing loan tax benefit for interest deduction u/s 24 (b) and u/s 80EEA up to ₹3.50 lakhs which would ensure the maximum tax rebate on home loan. Home loan interest certificate - Collect the home loan interest The new Section 80 EEA in the Union Budget 2019 increases the tax benefits of the interest deduction up to Rs 1,50,000 for housing loans availed for affordable housing between 1 st April, 2019 and 31 st March, 2020. However, the individual taxpayer should be a first-time home buyer who is not eligible for the Section 80EE tax deduction. If you have bought a house with the help of a home loan, you become eligible to get income tax deduction on interest payment up to Rs 2 lakh annually, provided the house is self-occupied. Moreover, you can also claim deduction of up to Rs 1.5 lakh on the principal repayment under Section 80C. Plug in your expected income, deductions and credits, and the calculator will quickly estimate your 2023-2024 federal taxes. Taxable income $86,150. Effective tax rate 16.6%. Estimated federal Maximum Deduction. Section 80C. Tax deduction on the repayment of principal amount. Up to ₹ 1,50,000. Section 24b. Tax deduction on the payment of interest paid on home loan, provided the construction/ acquisition of the house is completed within 5 years. Up to ₹ 2,00,000. Section 80EE. Women can also avail tax benefits while taking a home loan. The limit is up to 3.5 lakhs covered under section 80 C for Principal repayment and Section 24 (b) on Interest paid. As per the Income-tax Act 1961, the borrowers can claim a deduction of up to Rs 1.5 lakhs under section 80 C and can claim a deduction of up to Rs 2 lakhs under section 4 days ago · The Budget 2023 made certain changes in the new tax regime to make it more attractive than the old tax regime. The changes in the new tax regime are: a) Income tax slabs reduced to five, from six. b) Basic exemption limit hiked to Rs 3 lakh from Rs 2.5 lakh - an increase of Rs 50,000. c) Income tax rebate raised. Benefit under Section 80 C of the Income-Tax Act for the loan’s principal payment up to a maximum limit of INR 1.50 lakh per year. Benefits under Section 24 of the Income-Tax Act for interest Ls1M.

home loan benefits in income tax