Income Tax Benefits On Home Loan

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INCOME TAX BENEFITS ON HOMELOAN

ABOUTHOMELOAN TAXBENEFITS

AVAILING A HOME LOAN TAX BENEFIT

CAN HELP YOU SAVE A SIGNIFICANT AMOUNT OF MONEY ON YOUR TAXES.

HOWEVER, IT IS IMPORTANT TO CONSULT A TAX EXPERT OR FINANCIAL ADVISOR TO UNDERSTAND THE TAX IMPLICATIONS OF A HOME LOAN IN YOUR SPECIFIC CASE.

DEDUCTIONOFPRINCIPAL AMOUNT

THE PRINCIPAL AMOUNT OF A HOME LOAN IS ALSO ELIGIBLE FOR TAX BENEFITS UNDER SECTION 80C OF THE INCOME TAX ACT, 1961. THE MAXIMUM DEDUCTION THAT CAN BE CLAIMED UNDER THIS SECTION IS UP TO RS. 1.5 LAKHS. THIS DEDUCTION IS SUBJECT TO CERTAIN CONDITIONS, SUCH AS THE PROPERTY SHOULD NOT BE SOLD WITHIN 5 YEARS OF POSSESSION.

JOINTHOMELOAN

IF YOU HAVE TAKEN A JOINT HOME LOAN WITH YOUR SPOUSE, BOTH OF YOU CAN AVAIL HOME LOAN TAX BENEFITS

INDIVIDUALLY. THIS MEANS THAT YOU CAN CLAIM A DEDUCTION FOR THE INTEREST AND PRINCIPAL AMOUNT SEPARATELY, THUS INCREASING YOUR TAX SAVINGS.

DEDUCTIONOFINTERESTON HOMELOAN

ONE OF THE MAJOR TAX BENEFIT OF A HOME LOAN IS THAT THE INTEREST PAID ON THE LOAN IS TAX-DEDUCTIBLE. YOU CAN CLAIM A DEDUCTION OF UP TO RS. 2 LAKHS ON THE INTEREST

PAID ON A HOME LOAN IN A FINANCIAL YEAR UNDER SECTION 24 OF THE INCOME TAX ACT, 1961. THIS DEDUCTION IS AVAILABLE ONLY FOR SELF-OCCUPIED PROPERTIES.

HOMELOANFORCONSTRUCTION ORPURCHASEOFAHOUSE

IF YOU HAVE TAKEN A HOME LOAN FOR THE CONSTRUCTION OR PURCHASE OF A HOUSE, YOU CAN CLAIM TAX BENEFITS FOR THE PRINCIPAL AMOUNT AND INTEREST PAID DURING THE PRECONSTRUCTION PERIOD AS WELL. THE PRE-CONSTRUCTION PERIOD IS THE PERIOD BEFORE THE COMPLETION OF THE CONSTRUCTION OF THE HOUSE.

CONTACTUS

02245297300

bhflwecare@bajajfinserv.in

hwww.bajajhousingfinance.in

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