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Home > Videos > Home Loan Tax Benefit in Tamil - வீட்டுக் கடன் திருப்பிச் செலுத்துவதில் 1.56 லெட்சம் சேமிக்கலாம்!

Home Loan Tax Benefit in Tamil - வீட்டுக் கடன் திருப்பிச் செலுத்துவதில் 1.56 லெட்சம் சேமிக்கலாம்!

Home Loan Tax Benefit in Tamil - HOW TO MAXIMISE TAX SAVINGS ON HOME LOAN : If you are a salaried individual in the highest tax bracket of 31.2% (including cess, but excluding surcharge) you can reduce your tax outgo by as much as Rs 1.56 lakh by claiming all the deductions available against repayment of a home loan. Deduction on principal 1. Under Section 80C, you can claim a deduction of up to Rs 1.5 lakh on repayment of the principal component. 2. If you claim the full deduction, you would save up to Rs 46,800 per annum. Deduction on interest Section 24(b): Under this Section, you can claim a deduction of up to Rs 2 lakh. There are no restrictions related to the amount of loan taken or the value of the property. If you claim the full deduction, you will save up to Rs 62,400 per annum. Section 80EE: This deduction is available only to first-time homebuyers. If so, you can claim an additional tax deduction of up to Rs 50,000 per financial year under Section 80EE, provided you fulfill certain conditions: the loan should have been sanctioned during or after FY17, the amount should be less than Rs 35 lakh and the value of the house should not exceed Rs 50 lakh. If you claim the full amount, you will save up to Rs15,600 per year. Section 80EEA: This Section was introduced in Finance Bill 2019 and is available for claim from the assessment year 2020-21. You can claim up to Rs 1.5 lakh under Section 80EEA. 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 provided you fulfill certain conditions: the loan should have been sanctioned during FY20, the stamp duty value of the house should not be more than Rs 45 lakh and you should not own any other residential house on the date of the sanction of loan. If you make the full claim, you will save up to Rs 46,800. Remember that if you claim deduction under this Section, then you won’t be eligible to claim deduction under Section 80EE. So the maximum amount that you can claim as a deduction against interest payment of the home loan is Rs 3.5 lakh.

 
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