होम लोन के टैक्स लाभ

You can get tax benefit on home loans under Section 24, 80C, and 80EE/ 80EEA only if you choose the old tax regime. The new tax regime (Budget 2023) does not include these provisions.

होम लोन की इन टैक्स छूट लाभ को सिर्फ रु. 45 लाख तक के स्टैंप वैल्यू वाले घर खरीदने पर ही क्लेम किया जा सकता है. इस प्रकार, उधारकर्ता अधिकतम रु. 3.5 लाख की इनकम टैक्स कटौती के लिए क्लेम कर सकते हैं.

पीएमएवाय सीएलएसएस स्कीम के तहत भारत में होम लोन लेने वाले लोगों के लिए सेक्शन 80 ईईए के तहत इनकम टैक्स लाभ उपलब्ध हैं.

नए इनकम टैक्स नियम के अनुसार, अप्रैल 2023 से शुरू होने वाले FY23-24 में स्वीकृत किसी भी नए होम लोन के लिए सेक्शन 80 ईईए के तहत टैक्स लाभ क्लेम नहीं किया जा सकेगा.

होम लोन पर टैक्स छूट प्रदान करने वाले इनकम टैक्स एक्ट के सेक्शन

Here are some key sections of the Income Tax Act in India that provide tax benefits on home loans:

Home loan tax benefits under Section 80C & Section 24

भारत सरकार उधारकर्ताओं को राहत देने के लिए इन लाभों को प्रदान करती है, जिससे यह और अधिक किफायती हो जाते हैं. जब आप होम लोन लेते हैं, तो आपको ईएमआई के रूप में मासिक पुनर्भुगतान करना होता है, जिसमें दो प्रमुख घटक शामिल होते हैं - मूलधन राशि और देय ब्याज. IT अधिनियम उधारकर्ताओं को व्यक्तिगत रूप से इन दोनों घटकों पर टैक्स लाभ का फायदा उठाने में मदद करता है.

1 सेक्शन 80C

ये सेक्शन 80C के तहत कटौती हैं

• मूल पुनर्भुगतान राशि पर अपनी टैक्सेबल आय से अधिकतम रु. 1.5 लाख तक का होम लोन टैक्स कटौती का क्लेम करें
• This may include deduction on stamp duty and registration charges but can be claimed only once and in the same year that they are incurred. Section 80C of the Income Tax Act in India provides deductions for certain specified investments and expenditures

2 सेक्शन 24

Under Section 24 of the Income Tax Act, there are two types of deductions available for home loan interest:

1. Deduction up to Rs. 2 lakh: Taxpayers can enjoy a maximum deduction of up to Rs. 2 lakh on the interest amount payable for a home loan. This deduction is applicable for properties whose construction is completed within five years.
2. Limited deduction if construction not completed in 5 years: If the construction of the property is not finished within the specified five-year period, the maximum deduction reduces to Rs. 30,000 instead of Rs. 2 lakh.

होम लोन ब्याज कटौती

Section 80EE allows income tax benefits on the interest portion of the residential house property loan availed from any financial institution. You can claim a home loan interest deduction of up to Rs. 50,000 per financial year as per this section. You can continue to claim until you have fully repaid the loan. The deduction under 80EE is applicable only to individuals, which means that if you are a HUF, AOP, a company, or any other kind of taxpayer, you cannot claim the benefit under this section. To claim this deduction, you should not own any other house property on the date of the sanction of a loan. Use the home loan EMI calculator to estimate your home loan EMIs..

Tax deductions on the Principal Amount

Tax deductions are available on the principal amount of a home loan under certain conditions. These deductions can be claimed under Section 80C of the Income Tax Act, 1961.

Here are some key points to consider:

Maximum deduction: The maximum deduction allowed under Section 80C for the principal repayment of a home loan is capped at Rs. 1.5 lakh per financial year. This deduction is part of the overall limit of Rs. 1.5 lakh that includes other eligible investments and expenses.

Conditions for claiming deduction: To claim the deduction, the property should be in your name, and the construction should be completed. If you have taken a loan for renovation or repair work, the deduction can be claimed after completion of the renovation or repair.

Tax benefit on joint home loan: In case of a joint home loan with a co-applicant, each co-applicant is eligible for a separate deduction, provided they are also co-owners of the property.

Pre-construction period: For properties under construction, the principal repayment cannot be claimed as a deduction until the construction is completed. However, during the construction period, you can claim the interest paid as a deduction in five equal installments starting from the year of completion.

Home loan certificate: The lending institution provides a home loan certificate that states the principal and interest components of the repayment. This certificate is essential for claiming the deduction while filing your income tax return.

It is crucial to keep in mind that tax laws are subject to change, so it is advisable to consult a tax professional or refer to the latest tax regulations for accurate and up-to-date information regarding tax deductions on the principal amount of a home loan in India.

Tax Deduction for First-Time Buyers

First-time home buyers who opt for a home loan can avail of certain tax deductions to reduce their tax liability. Here are some important points to consider:

Section 80EEA: Under Section 80EEA of the Income Tax Act, 1961, first-time home buyers can claim an additional deduction of up to Rs. 1.5 lakh on the interest paid on home loans. This deduction is available over and above the existing deductions allowed under Section 24(b) for home loan interest.

Eligibility criteria: To be eligible for this deduction, the following conditions must be met:

• The home loan must be taken from a financial institution between specific dates, as notified by the government
• The stamp duty value of the property should not exceed Rs. 45 lakh
• The buyer should not own any other residential property on the date of sanctioning the loan

Maximum deduction limit: The deduction under Section 80EEA is capped at Rs. 1.5 lakh per financial year and can be claimed until the repayment of the loan is completed or for a maximum of 7 years, whichever is earlier.

Joint ownership: In the case of joint ownership of the property, each co-owner who is a first-time home buyer can claim this deduction, provided they fulfill the eligibility criteria individually.

Documentation: It is essential to maintain all the necessary documents, such as loan sanction letter, loan repayment statements, and other supporting documents, to substantiate the claim while filing income tax returns.

Tax planning: It is advisable to consult a tax professional to understand the specific tax implications and benefits based on your individual circumstances and financial goals.

Remember to keep track of any changes in tax laws and consult a tax advisor to ensure accurate and up-to-date information regarding tax deductions for first-time home buyers in India who opt for a home loan.

Home loan tax benefits under Section 80EE and Section 80EEA

Both Section 80EE and Section 80EEA of the Income Tax Act provide additional tax benefits on home loan interest, specifically for first-time homebuyers.

सेक्शन 80EE

• First-time homebuyer: To be eligible for the deduction under Section 80EE, the taxpayer must be a first-time homebuyer. It means the individual should not own any residential property on the date of the loan sanction.
• Maximum deduction: Under Section 80EE, first-time homebuyers can claim an additional deduction of up to Rs. 50,000 on the interest paid on a home loan during a financial year. This deduction is over and above the deduction available under Section 24.
• Property value and loan amount limit: The value of the property for which the loan is taken should not exceed Rs. 50 lakh. Additionally, the loan amount should not exceed Rs. 35 lakh.
• Sanction period: The home loan should be sanctioned between specific financial years, as notified by the government. As of my last update, this period was from April 1, 2016, to March 31, 2017.

Section 80EEA

• Affordable housing: Section 80EEA was introduced to provide additional tax benefits to individuals buying affordable housing properties.
• First-time homebuyer: Similar to Section 80EE, the taxpayer must be a first-time homebuyer to claim the deduction under Section 80EEA.
• Maximum deduction: Under Section 80EEA, first-time homebuyers can claim an additional deduction of up to Rs. 1.5 lakh on the interest paid on a home loan during a financial year. This deduction is over and above the deductions available under Section 24 and Section 80EE.
• Property value and loan amount limit: The value of the property for which the loan is taken should not exceed Rs. 45 lakh. Additionally, the loan amount should not exceed Rs. 25 lakh.

ध्यान देने योग्य कुछ अन्य शर्तें:

आप पॉइंटर के नीचे भी नोट कर सकते हैं और लाभ प्राप्त कर सकते हैं

• टैक्स में छूट केवल तब लागू होती है जब प्रॉपर्टी का निर्माण पूरा हो जाता है, या आप बना-बनाया घर खरीदते हैं
• हर साल होम लोन पर इन टैक्स लाभों का लाभ उठाएं और एक महत्वपूर्ण राशि बचाएं
• अगर आप प्रॉपर्टी को इसके कब्जे के 5 वर्षों के भीतर बेचते हैं, तो क्लेम किए गए लाभ वापस किए जाते हैं और आपकी टैक्सेबल इनकम में जोड़ दिए जाते हैं
• आप प्रॉपर्टी खरीद सकते हैं और इसे किराए पर दे सकते हैं. इस मामले में, कोई अधिकतम ब्याज़ कटौती लागू नहीं है
• होम लोन लेते समय, अगर आप वर्तमान में रहने वाले किसी अन्य घर को किराए पर लेना जारी रखते हैं, तो आप HRA पर भी टैक्स लाभ क्लेम कर सकते हैं

Please note that tax laws and provisions may change over time due to budget announcements or amendments in tax regulations. Therefore, it is essential to verify the latest provisions and consult a tax professional to understand the most up-to-date tax benefits applicable to your specific circumstances.