Income tax limit for home loan interest

Lakh under section and Lakh under section 80EEA. However, under the new income tax regime. Home loan interest rate: New tax regime allows deduction.

Feb 1 20For taxpayers who have an on-going home loan, the interest paid on such loans helps them lower tax liability in the existing income tax structure. At present, for a self-occupied house, one can avail a tax break on. The Tax Cuts and Jobs Act (TCJA ) affected this deduction.

Home loan repayment is eligible for tax deductions under the Income Tax Act 1961. Claiming the Home Mortgage Interest Tax Deduction Owning your own home comes with a few nice tax perks. One of them is that the interest you must pay on your mortgage loan is tax-deductible.

Home Loan Tax Benefits: Tax benefit on housing loan. The deduction will be available on loans. Current income tax laws allow various tax benefits on home loans depending on the type of the house, i.e., self-occupied or let-out property. Home Loan Tax Benefit, Tax Rebate Under Section 2 80EE.

For tax years prior to 201 the. Home loan interest paid up to Rs.lakh per year is tax deductible us 24. Section 80EEA - Income Tax Deduction on Home Loan Interest Apr 2 20The maximum tax deduction on interest amount paid for home loan will be Lakhs.

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Home Loan Tax Benefit, Tax Rebate Under Section 2 80EE

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