WebIncome Tax deduction under Section 80EE of the Income Tax Act, 1961 can be claimed by first-time home buyers for the amount they pay as interest on home loan. The maximum deduction that can be claimed under this section is Rs. 50,000 during a financial year. The amount can be claimed over and beyond the deduction of Section 24 and Section 80C ... Web22 Dec 2024 · However, the maximum tax saving that you can do on account of interest payment under section 24b is limited to Rs 2 lakh. So, any amount of interest that you pay over and above Rs 2 lakh annually does not help you in saving taxes.
Deduction of Interest on House Property Section 24(b), 80EE ... - TaxG…
Web17 Mar 2024 · Under Section 24B of the I-T Act, individuals can claim a deduction of ₹2 Lakh on the interest component of a home loan only for self-occupied property. Final Word Section 80EE was reintroduced in Budget 2016-2024 to provide additional relief to home loan borrowers as they could potentially claim deductions under Section 80C, Section … Web22 Jan 2024 · Section 24B of income tax act allows the deduction of home loan interest from taxable income. Such loans should be for the purchase, construction, repair, and reconstruction of homes. Such deductions are on an accrual basis. A taxpayer can claim deduction for two or more housing and home loans. netflix online shopping
Deductions From House Property Income – Section 24
Web27 Nov 2024 · In case of self-occupied property, you can claim deduction both on principal repayment up to Rs 1.5 lakh under section 80C and tax deduction benefit on interest payment under section 24b. WebNo, Section 24B of the Income Tax Act allows a taxpayer to claim deduction on interest irrespective of the loan type. So, whether an individual avails a personal or a housing loan, … Web11 Jan 2024 · Section 24B provides for tax deductions of varying amounts, based on the type of the property and its use. Rs 2 lakh in a year Borrowers can claim a tax deduction of … netflix online watching