Having a home of our own is a dream every individual see day and
night. Nowadays home loan act as a helping hand that enables you to have a home
of your home. But paying back the home loan often feels like a bag of rocks
sitting on your head. Yet, home loans are not always a source of worry. Like
every client has two faces, home loan too, show similar traits. If they cause
some problems, then they also offer you some benefits as well. Yes! Taking a home
loan gives you some tax benefits.
Following are some tax benefits that you should
know before taking a home loan:
1. REPAY THE PRINCIPAL
AMOUNT AND GET A CANDY (tax benefit) FREE!!
Under section 80c of the Income Tax Act, you can claim the tax benefit
for the amount of EMI being paid for the repayment of the principal amount of
the home loan. But here comes a warning signal! You can claim only when the
home loan is taken for properties that are fully constructed. Thus, if you have
taken a loan for properties under construction then I am really sorry, you are
out of the group of people who can enjoy this. Hence, you need to present the
completion certificate of your property before claiming the benefit. Another
thing to note is that you can claim a maximum benefit of Rs. 1.5 lakhs on
principal repayment.
2. INTEREST ALSO HAS
SOMETHING TO OFFER!
Under section 24 of the Income Tax Act, a tax benefit of a maximum
of Rs. 2 lakhs can be claimed for the payment of interest on the home loan,
after the completion of construction.
Interest paid prior to completion of construction cannot be deducted
directly, but section 24 gives you some relief by providing you with the option
to aggregate the pre-construction interest and claim as an extra deduction in
five equal installments for five succession financial years, beginning from the
year when the construction was started ( with upper limit of Rs. 2 lakhs).
BUT! If the construction of the property is not completed within
three years of issuing loan then you are no more eligible to claim the tax
benefit on payments of interest.
In case the property is not self-occupied by the owner and is given
our for rent, it is possible for the tax-payer to deduct the entire interest
payment for a particular year, without an interest payment (yippee!) .
3. REGISTRATION CHARGES
AND STAMP DUTY HAVE SOME HIDDEN CANDIES TOO!
Section 80c of the Income Tax Act provides a tax deduction for
registration charges and stamp duty . However, you can enjoy this benefit only
in the year when these extra charges were paid.
For more go to Indian
Realty Exchange.
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