Nobody wants the burden of a loan but sometimes it’s good to have a loan in accounting books. Availing a home loan comes with multiple benefits. It not just lets you achieve your goal of buying a new home but makes you eligible for tax benefits. These tax benefits can contribute towards your EMI flow and savings. Mentioned below are some points, take a look at the following points and calculate your tax benefits based on your loan amount.
The home loan borrower enjoys Tax Benefits on interest paid. Under Section 24(b) of Income Tax, the deduction of interest payable on the home loan is up to a maximum of Rs. 2,00,000.
Under Section 80(c) of Income Tax, Principal amount for the repayment of loan along with other savings & investments is eligible for tax deduction up to a maximum limit of Rs. 1,50,000.
There are many other benefits of the same for which you can visit the website: www.incometaxindia.gov.in