The amount paid as Repayment of Principal Amount of Home Loan by an Individual/ HUF is allowed as tax deduction under Section 80C of the Income Tax Act. The maximum tax deduction allowed under Section 80C is Rs. 1,50,000. This tax deduction is the total of the deduction allowed under Section 80C and includes amount invested in PPF Account, Tax
Below are the steps to claim your tax deduction. Step 1: Calculate the tax deduction to be claimed. Step 2: Ensure that the house is in your name or you are the co-borrower of the loan. Step 3: Submit your home loan interest certificate to your employer to adjust the tax deductible at source.
4. Home Loan Tax Benefits Under Section 80EEA Individual home loan borrowers and first-time homebuyers who had availed of a home loan between April 1, 2019 and March 31, 2022 can claim an additional tax benefit up to a maximum of Rs.1.5 Lakh and over and above the tax benefits available under Section 24b of the Income Tax Act provided they had invested in affordable housing and the stamp value
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. Section 80C (For Principal Repayment) The Section 80C of Income Tax Act allows the amount paid by an individual/HUF as principal. -The maximum tax deduction allowed under this section is ₹1,50,000. -The tax deduction is available on payment basis irrespective of the year for which the payment is made. -PPF Account, NSC, Tax Saving Fixed

Yes. You may be eligible for tax benefits on repayment of the principal and interest components of your Home Loan as per sections 80C, 24(b) and 80EEA of the Income Tax Act, 1961. Since the benefits may vary each year, please do consult your chartered accountant/ tax expert for the latest information.

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home loan benefits in income tax