Web1 apr. 2013 · You can claim interest on housing loan actually paid from 1/4/13 to 31/3/14 maximum upto Rs 150000/-. This is assuming that you have to stay in rented accomodation due to employment reasons. I have corrected it now as possession date will be January 2015, kindly provide your input now. "I have bought an under construction property in … Web21 feb. 2024 · House Rent Allowance. A salaried individual having a rented accommodation can get the benefit of HRA (House Rent Allowance). This could be totally or partially …
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Web27 jan. 2024 · Tax exemption on home loan interest for under-construction property You can claim a tax exemption of up to Rs. 2,00,000 on the interest payments made in a year and deductions of up to Rs. 1,50,000 on the principal amount paid, under Section 80C of the Income Tax Act (ITA). Web22 dec. 2024 · For instance, if you take a Rs 30 lakh home loan for 15 years at 7% per annum interest rate, the total tax that you can save in 15 years is Rs 5.54 lakh, if you fall in 30% income tax bracket. On the other hand, if you have a home loan of Rs 50 lakh with a tenure of 30 years, the tax saving amounts to Rs 13.93 lakh in a similar situation. space installation
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WebWith effect from the year of assessment 2012/13, the number of years of deduction for home loan interest is extended from 10 to 15 (not necessarily consecutive) years of … Web18 aug. 2024 · There are different tax rebates for different loans. These range from education loans, home loans, car loans, and personal loans. Some loans do not have … Web10 apr. 2024 · If you opt for the old tax regime, then you can also save tax using your home loan. Section 80C of the IT Act also provides tax deductions of up to Rs 1.5 lakh on the principal repayment of your home loan. You can also claim tax deduction of up to Rs 2 lakh on interest payable towards your home loan under Section 24 of the IT Act. teams mobility report