Under section 24 of the Income Tax Act, you are eligible for home loan tax benefit of up to 2 lakhs for the self-occupied home. In case you have a second house, the total tax deduction on home loan for two homes should not exceed 2 lakhs in a financial year. If it is a let-out property, you do not have any maximum limit for claiming interest. Women can also avail tax benefits while taking a home loan. The limit is up to 3.5 lakhs covered under section 80 C for Principal repayment and Section 24 (b) on Interest paid. As per the Income-tax Act 1961, the borrowers can claim a deduction of up to Rs 1.5 lakhs under section 80 C and can claim a deduction of up to Rs 2 lakhs under section I have been paying the home loan EMIs from my account. Will both of us be eligible for tax benefits? Rakesh Bhargava Director, Taxmann replies: Payment of housing loan EMI provides two tax benefits: deduction for interest is allowed under Section 24(b) and deduction for principal repayment is allowed under Section 80C. Both these deduction are Home loan: There is no such restriction as regards to payment of interest on borrowed capital. Home loan: The interest which you pay to your father is his income and your father will have to
The income tax department allows taxpayers to claim deductions, i.e. reducing the taxable income if taxpayer makes certain investments or eligible expenditures allowed under Chapter VI A. 80C allows a deduction for the investment made in PPF, EPF, LIC premium, Equity linked saving scheme, principal amount payment towards home loan, stamp duty
Individuals holding joint home loans are eligible for availing the following tax benefits: For a self-occupied property: In cases where the property against which a home loan has been taken, each of the co-owners who are also co-applicants of the home loan, can claim a maximum annual tax deduction up to Rs. 2 lakhs against the home loan as a part of their Income Tax Return.
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    • home loan benefits in income tax