Who takes the housing loan from banks they will get the tax benefits. The income-tax department has given the two types of home loan tax benefits for individuals which one is home loan principal (u/s 80c up to 150000 maximum tax benefit) another one is home loan interest. All Taxpayers every year should take the home loan interest certificate from bankers for tax exemption purposes. Here we know the home loan tax benefits for salaried employees.
Deductions related to House Property – u/s 24
- Homeowners can claim a deduction of up to Rs 1.5 lakh on their home loan interest if the loan had taken till 2013-14. If the house loan has taken from 2013-14 onwards, then owners can claim a deduction of up to Rs. 2lakh.
- If any home loan is taken for the first time between 1-4-2016 to 31-03-2017, then apart from above deduction owners can claim an extra deduction of up to Rs 50000 under section 80EE. (applicable to the individuals who have taken house loan less than 35Lakh).
- If any home loan is taken for the first time between 1-4-2019 to 31-03-2020, then apart from above deduction owners can claim an extra deduction of up to Rs 150000 under section 80EEA. (applicable to the individuals who have taken house loan less than 45Lakh).
- If house property is given for let out- then from the rent received, we should deduct the following expenses/deductions.
- Property tax & Municipal tax who are paid during the year.
- 30% standard deduction on Net rent value.
Also Read: Income Tax Exemptions for Salaried Employees