To overcome the burden of tax, here we have one of the simple solutions.
If a person is a salaried individual falling under the tax bracket can avail tax benefit against repayment of a home loan. Payment of Principal can avail of the tax exemption. Under Section 80C, and claim a deduction of up to Rs 1.5 lakh on repayment of the principal component. Interest payment can avail tax exemption under Section 24(b). The time homebuyers can avail tax deduction under section 80EE. If so, you can claim an additional tax deduction of up to Rs 50,000 per. If you don't exhaust the entire interest payment component by claiming deduction under Section24(b), you can claim a deduction for the remaining interest paid under 80EEA. To get more detailed information watch this video
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