Home loan Tax Benefit AY 2023-24 | Tax Benefit on Joint Home Loan | Sec.24 vs. 80EE vs.80EEA vs. 80C
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Home loan Tax Benefit AY
Home loan Tax Benefit AY 2023-24 | Tax Benefit on Joint Home Loan | Sec.24 vs. 80EE vs.80EEA vs. 80C
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About video
The Indian Income Tax Act allows for tax deductions on home loans under certain conditions. Here are the key provisions related to tax deductions on home loans in India:
Interest Deduction: You can claim a deduction on the interest paid towards a home loan under Section 24(b) of the Income Tax Act. The maximum deduction allowed is up to ₹2 lakh per financial year (FY) for self-occupied properties. However, for properties that are not self-occupied or are let out, there is no maximum limit on the interest deduction, and you can claim the entire interest paid as a deduction.
Principal Repayment Deduction: Under Section 80C of the Income Tax Act, you can claim a deduction for the principal repayment component of the home loan. The maximum deduction allowed under this section is up to ₹1.5 lakh per FY, along with other eligible investments such as EPF, PPF, life insurance premium, etc.
Affordable Housing Deduction: To promote affordable housing, the government introduced an additional deduction under Section 80EEA. This deduction is available for first-time homebuyers with a loan sanctioned between 1st April 2019 and 31st March 2022. The deduction is capped at ₹1.5 lakh per FY and is available over and above the deductions mentioned in points 1 and 2.
Joint Home Loan Deduction: In case you have taken a joint home loan with another individual, each borrower can individually claim deductions for both interest and principal repayment based on their respective shares in the loan.
The deduction under Section 80EE was available to individuals who were first-time homebuyers. This means that you should not have previously owned any residential property in your name.
Loan Amount: The deduction was applicable only for home loans sanctioned by financial institutions between 1st April 2016 and 31st March 2017.
Deduction Amount: The maximum deduction allowed under Section 80EE was up to ₹50,000 per financial year. This deduction was in addition to the deductions available under Section 24(b) and Section 80C.
Property Value: The value of the property for which the loan was taken should not exceed ₹50 lakh, and the loan amount should not exceed ₹35 lakh.
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#homeloan
#taxdeductions
#taxbenefits_on_home_loan
#sec24
#sec80ee
#sec80eea
#themauryaaftclasses
.............................................................
sec 80C
Sec. 80C income tax deduction for AY ...
Sec 80D
Sec. 80D Deduction | Tax benefit on h...
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The examples used are for Illustration purpose only.
Comment in comments section if you have any queries.
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Desclaimer
This video is merely a guide meant for learning purpose only. All the instructions, references, content or documents are for educational purpose only and do not constitute a legal advice. We do not accept any liabilities whatsoever for any losses caused directly or indirectly by the use/reliance of any information contained in this video or for any conclusion of the information. Prior to acting upon this video, you're suggested to seek the advice of your financial, legal, tax or professional advisor as to the risks involved may be obtained and necessary due diligence, etc..may be done at end.
Copyright Disclaimer under Section 107 of the copyright act 1976, allowance is made for fair use for purposes such as criticism, comment, news reporting, scholarship, and research. Fair use is a use permitted by copyright statute that might otherwise be infringing. Non-profit, educational or personal use tips the balance in favour of fair use.
👉 Support New channel @Investingwith_MauryaJi
About video
The Indian Income Tax Act allows for tax deductions on home loans under certain conditions. Here are the key provisions related to tax deductions on home loans in India:
Interest Deduction: You can claim a deduction on the interest paid towards a home loan under Section 24(b) of the Income Tax Act. The maximum deduction allowed is up to ₹2 lakh per financial year (FY) for self-occupied properties. However, for properties that are not self-occupied or are let out, there is no maximum limit on the interest deduction, and you can claim the entire interest paid as a deduction.
Principal Repayment Deduction: Under Section 80C of the Income Tax Act, you can claim a deduction for the principal repayment component of the home loan. The maximum deduction allowed under this section is up to ₹1.5 lakh per FY, along with other eligible investments such as EPF, PPF, life insurance premium, etc.
Affordable Housing Deduction: To promote affordable housing, the government introduced an additional deduction under Section 80EEA. This deduction is available for first-time homebuyers with a loan sanctioned between 1st April 2019 and 31st March 2022. The deduction is capped at ₹1.5 lakh per FY and is available over and above the deductions mentioned in points 1 and 2.
Joint Home Loan Deduction: In case you have taken a joint home loan with another individual, each borrower can individually claim deductions for both interest and principal repayment based on their respective shares in the loan.
The deduction under Section 80EE was available to individuals who were first-time homebuyers. This means that you should not have previously owned any residential property in your name.
Loan Amount: The deduction was applicable only for home loans sanctioned by financial institutions between 1st April 2016 and 31st March 2017.
Deduction Amount: The maximum deduction allowed under Section 80EE was up to ₹50,000 per financial year. This deduction was in addition to the deductions available under Section 24(b) and Section 80C.
Property Value: The value of the property for which the loan was taken should not exceed ₹50 lakh, and the loan amount should not exceed ₹35 lakh.
.............................................................
#homeloan
#taxdeductions
#taxbenefits_on_home_loan
#sec24
#sec80ee
#sec80eea
#themauryaaftclasses
.............................................................
sec 80C
Sec. 80C income tax deduction for AY ...
Sec 80D
Sec. 80D Deduction | Tax benefit on h...
ITR 1 filing offline process
ITR 1 filing for AY 2023-24 offline |...
ITR 4 filing process
ITR 4 Filing for AY 2023-24 | how to ...
Bank account pre-validation on income tax portal
How to pre validate bank account and ...
New registration on income tax portal
How to register on new e-filing incom...
Best investment options
Top 6 Investment scheme with less ris...
.............................................................
LIKE || SHARE || COMMENT || SUBSCRIBE
Mujhe Social Media par FOLLOW kare
Facebook: Mauryaclasses2
Instagram: rinkumourya23
.............................................................
The examples used are for Illustration purpose only.
Comment in comments section if you have any queries.
............................................................
Desclaimer
This video is merely a guide meant for learning purpose only. All the instructions, references, content or documents are for educational purpose only and do not constitute a legal advice. We do not accept any liabilities whatsoever for any losses caused directly or indirectly by the use/reliance of any information contained in this video or for any conclusion of the information. Prior to acting upon this video, you're suggested to seek the advice of your financial, legal, tax or professional advisor as to the risks involved may be obtained and necessary due diligence, etc..may be done at end.
Copyright Disclaimer under Section 107 of the copyright act 1976, allowance is made for fair use for purposes such as criticism, comment, news reporting, scholarship, and research. Fair use is a use permitted by copyright statute that might otherwise be infringing. Non-profit, educational or personal use tips the balance in favour of fair use.
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