Section 24: Up to ₹2 lakh Tax Benefits on Home Loans |Deduction under House Property |Tax Saving Tip
Автор: CA In Town
Загружено: 2022-11-23
Просмотров: 67
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Section 24B of the Income Tax Act allows for massive tax deduction benefits of up to ₹2 lakh on home loan interest component every financial year.
Watch this video to understand what Sec 24 entails and how you can use your home loan interest payments to maximise tax savings and reduce your taxable income in FY2022-23 (AY2023-24).
We’ve discussed important topics like Section 24, Section 24A and Section 24B of the I-T Act, different tax benefits for self-occupied and let-out properties, how you can claim tax deduction benefits for interest paid during the construction phase of your property, etc.
Buying your first house on a loan comes with multiple tax benefits. These deductions not only reduce your tax outgo but also help in managing your cash flows better.
As the repayment comprises of 2 different components (Principal and Interest), the tax benefit on home loan is governed by different sections of the Income Tax Act and these are claimed as tax deductions under different sections (Section 80C, Section 24 and Section 80EE) while filing the Income Tax Return. In this video, we have discussed in detail about Tax deductions in Section 24.
#taxsavingtips #incometax #housingloan
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