Home Loan

How Much Interest on Home Loan is Tax Deductible

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How Much Tax Deduction Can You Get on Your Home Loan Interest?

1. Extra deduction under Section 80EE of the Income Tax Act is taken into consideration for first time home purchasers, up to Rs. 50,000.
2. When a home loan is taken mutually with a co-borrower, each borrower is liable to claim a tax rebate on home loan interest up to Rs. 2 lakh, and principal reimbursement under Section 80C up to Rs. 1.5 lakh, in their individual tax returns.
3. All kinds of properties are taxed under the ‘income from house property’ category in your income tax returns.
4. The principal segment of the EMI paid for the year is permitted as deduction under Section 80C. The greatest sum for tax saving on home loan that can be claimed is up to Rs. 1.5 lakhs.
5. The home loan interest rate part of the EMI paid for the year is liable to be claimed as a tax deduction from your income, up to a sum of Rs. 2 lakh under Section 24.
6. A deduction for stamp duty and registration charges can be claimed under Section 80C, but only up to Rs. 1.5 lakh.