Nettet18. feb. 2024 · Under Section 80C of the IT Act, you can claim tax deductions on the principal amount you repay to your lender. This deduction is also applicable to the registration and stamp duty charges of your home. The maximum housing loan tax exemption under Section 80C is Rs. 1.5 lakhs in a financial year. Nettet25. jan. 2024 · Tax benefit on principal repayment: Section 80C. Under Section 80C of the Income Tax Act 1961, taxpayers can claim deduction up to Rs 1.5 lakh in a year just by repaying the principal amount of the home loan. This is within the overall limit of Section 80C, which also allows deduction on investments made in tax-saving instruments like …
News review with Johnnie, Helen and William - Facebook
Nettet30. mar. 2024 · Section 80EE of the Income Tax Act allows you to claim an additional deduction of up to Rs. 1.5 lakh on the interest component paid on a home loan. This … Nettet18. aug. 2024 · Section 24 of the Income Tax Act reduces the Income from house property by the amount of interest paid on home loan when the loan is taken for purchase, renewal, reconstruction, repair, or construction purposes. Maximum deduction allowed under Section 24 is Rs.2,00,000. fork motorcycle
Old or New Tax Regime? 10 tips to choose which tax regime suits …
Nettet10. apr. 2024 · In addition, the maximum rate of surcharge is 25 per cent in the new tax regime, whereas the maximum surcharge rate under the old regime was 37 per cent. … Nettet24. jan. 2024 · If you want to understand how to get tax benefits on a second home loan, you need to be aware of the deductions available u/s 80C of Income Tax Act. Under this section, one can claim a deduction of up to Rs. 1.5 lakh on principal repayment. Note that income tax benefit on a 2nd home loan will be available up to this limit only. Nettet14. apr. 2024 · review 561 views, 40 likes, 0 loves, 17 comments, 6 shares, Facebook Watch Videos from 3FM 92.7: The news review is live with Johnnie Hughes, Helen... difference between lifo and fifo