The ITR required for home loan varies based on the home loan eligibility criteria of the lender. If your income tax returns have to be filed, you should know about the deductions that you stand to get. This will include home loan tax benefits, both on the principal amount and the interest amount which is influenced by the home loan interest rate.
You should keep the following in mind:
• Deductions up to Rs. 200,000 are allowed for interest repaid annually under Section 24.
• The whole interest repaid can be claimed as a deduction on the property which is let-out subject to a maximum of Rs. 200,000 for a particular tax year.
• The principal amount repaid can be claimed for deductions up to Rs. 1,50,000 under Section 80C.
• Deductions can be claimed on registration fees and stamp duty under Section 80C subject to a maximum of Rs. 1,50,000 as the deduction from the taxpayer.
• Deductions for first-time homebuyers under Section 80EE up to Rs. 50,000 in case certain conditions are fulfilled.
Also Read: Know the Income Tax Benefit on Home Loan