{"id":108020,"date":"2022-05-25T13:04:28","date_gmt":"2022-05-25T07:34:28","guid":{"rendered":"https:\/\/legalwindow.in\/?p=108020"},"modified":"2022-05-26T08:58:00","modified_gmt":"2022-05-26T03:28:00","slug":"tax-benefit-on-home-loan-under-income-tax-act-1961","status":"publish","type":"post","link":"https:\/\/www.legalwindow.in\/blog\/tax-benefit-on-home-loan-under-income-tax-act-1961\/","title":{"rendered":"Tax benefit on Home Loan under Income Tax Act, 1961"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-108027 size-full\" title=\"Tax benefit on Home Loan under Income Tax Act 1961\" src=\"https:\/\/legalwindow.in\/wp-content\/uploads\/Tax-benefit-on-Home-Loan-under-Income-Tax-Act-1961.png\" alt=\"Tax benefit on Home Loan under Income Tax Act 1961\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Tax-benefit-on-Home-Loan-under-Income-Tax-Act-1961.png 1200w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Tax-benefit-on-Home-Loan-under-Income-Tax-Act-1961-600x315.png 600w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Tax-benefit-on-Home-Loan-under-Income-Tax-Act-1961-300x158.png 300w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Tax-benefit-on-Home-Loan-under-Income-Tax-Act-1961-1024x538.png 1024w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Tax-benefit-on-Home-Loan-under-Income-Tax-Act-1961-768x403.png 768w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">For most people, owning a home is a dream comes true. The Indian government has traditionally favoured encouraging residents to invest in real estate. This is why a house loan qualifies for a Section 80C tax deduction. And when you buy a property with a home loan, you get a slew of tax breaks that cut your tax bill dramatically.\u00a0Many programmes, such as the <\/span><a href=\"https:\/\/pmjdy.gov.in\/\"><span style=\"font-weight: 400;\">Pradhan Mantri Jan Dhan Yojana<\/span><\/a><span style=\"font-weight: 400;\">, are shining a bright light on the Indian housing market by attempting to address concerns of affordability and accessibility.\u00a0<\/span><\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>Table of Content<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Key\"><span style=\"font-weight: 400;\">Key Abstract<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Deduction\"><span style=\"font-weight: 400;\">Deduction for interest paid on housing loan<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#on\"><span style=\"font-weight: 400;\">Deduction on interest paid towards home loan during the pre-construction period<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Principal\"><span style=\"font-weight: 400;\">Principal Repayment Deduction<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Deducted\"><span style=\"font-weight: 400;\">Deducted in Stamp Duty and Registration Fees\u00a0<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Extra\"><span style=\"font-weight: 400;\">Extra deduction under Section 80EE<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Section\"><span style=\"font-weight: 400;\">Section 80EEA Additional Deduction<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Home\"><span style=\"font-weight: 400;\">Deduction for a shared Home Loan<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Conclusion\"><span style=\"font-weight: 400;\">Conclusion<\/span><\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"Key\"><b>Key Abstract<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">According to the requirements of the <\/span><span style=\"font-weight: 400;\">Income Tax Act,\u00a01961<\/span><span style=\"font-weight: 400;\">, taking out a <\/span><a href=\"https:\/\/legalwindow.in\/concept-of-housing-loans-emis-business-in-india\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">housing loan<\/span><\/a><span style=\"font-weight: 400;\"> might help you save <\/span><span style=\"font-weight: 400;\">tax<\/span><span style=\"font-weight: 400;\">. Even more so following the declarations made during the most recent fiscal budget.\u00a0In her budget statement, Union Finance Minister Nirmala Sitharaman suggested extending the deadline for claiming extra deductions on house loan interest payments until March 31, 2024. This comes after the administration extended the deadline in the previous budget to March 31, 2022. All home loans sanctioned before March 31, 2022 are eligible for the extension until March 31, 2024.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While a housing loan might assist you in purchasing a home, it can also be an expensive endeavour. However, the multiple tax advantages that come with such a loan help you save money year after year. Examine how you may make the most of these advantages.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Many programmes, such as the Pradhan Mantri Jan Dhan Yojana, are shining a bright light on the Indian housing market by attempting to address concerns of affordability and accessibility. This post will go through all of the home loan tax breaks.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you are confused about, how to avail tax benefits on your home loan as Income Tax Act. Then kindly connect to our experts on <\/span><a href=\"https:\/\/legalwindow.in\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Legal Window<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h2 id=\"Deduction\"><b>Deduction for interest paid on housing loan<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">A home loan is required for the purchase or building of a home. If it is used for home improvement, it must be completed within five years of the end of the fiscal year in which the loan was obtained.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you pay an EMI for a home loan, it comprises two components:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Payment of interest<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Repayment of principal<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Section 24 allows you to deduct the interest part of your EMI payments for the year up to a maximum of Rs 2 lakh from your total income. The maximum deduction for interest paid on self-occupied residential property is Rs 2 lakh beginning with the tax year 2018-19.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There is no upper limit for claiming interest on rented property. However, the total loss that may be claimed under the heading &#8216;House Property&#8217; is limited to Rs 2 lakh. This deduction is available beginning with the year in which the house is constructed.<\/span><\/p>\n<h2 id=\"on\"><b>Deduction on interest paid towards home loan during the pre-construction period<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Assume you purchased an under-construction property but have yet to move in. However, you are paying the EMIs. In this situation, your ability to deduct interest on a house loan begins only once construction is completed, or immediately if you purchase a completely constructed property.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, does this imply you won&#8217;t get any tax breaks on the interest you pay between the time you borrow the money and the time you finish building? No.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Let&#8217;s look at why.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The<a href=\"https:\/\/www.incometaxindia.gov.in\/pages\/tax-laws-rules.aspx\" target=\"_blank\" rel=\"noopener\"> Income Tax Act<\/a> allows for a <\/span><span style=\"font-weight: 400;\">deduction<\/span><span style=\"font-weight: 400;\"> for such interest, known as pre-construction interest. Over and above the deduction you are ordinarily able to claim from your house property income, a deduction in five equal instalments beginning with the year the property is bought or construction is finished is permitted. However, the maximum eligible amount remains at Rs 2 lakh.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, suppose you have a home loan for construction and pay Rs 10,000 in interest each month. After two years of construction, the house was finished in 2019. As a result, you can begin collecting the pre-construction interest of Rs 2.4 lakh (roughly) only once the building is completed in five equal payments beginning in 2019. Section 24(b) limits the maximum interest deduction to Rs 2 lakh (including current year interest and pre-construction interest).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, if your house loan is qualified for Section 80EEA deduction, you can claim an extra Rs 1.5 lakh deduction. Section 80EEA is covered in more detail later in this text.<\/span><\/p>\n<h2 id=\"Principal\"><b>Principal Repayment Deduction<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Section 80C allows a deduction for the principal component of the EMI paid for the year. The total sum that may be claimed is Rs 1.5 lakh. However, in order to claim this deduction, the residence must not be sold within five years of occupancy. Otherwise, the previous deduction will be applied back to your income in the year of sale.<\/span><\/p>\n<h2 id=\"Deducted\"><b>Deducted in Stamp Duty and Registration Fees\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">In addition to the deduction for debt repayment, a deduction for stamp duty and registration expenses can be claimed under Section 80C, but only up to Rs 1.5 lakh.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, it may only be claimed in the year in which the expenditures are spent.<\/span><\/p>\n<h2 id=\"Extra\"><b>Extra deduction under Section 80EE<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Home purchasers are eligible for an additional deduction of up to Rs 50,000 under Section 80EE. The following requirements must be completed in order to claim this deduction:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The loan amount should be Rs 35 lakh or less, and the property value should not be more than Rs 50 lakh.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The loan must have been approved between April 1, 2016 and March 31, 2017.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">And, as of the date of loan approval, the individual does not own any other homes, indicating that he or she is a first-time home buyer.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Section 80EE was restored, although it is only applicable to loans approved before March 31, 2017.<\/span><\/p>\n<h2 id=\"Section\"><b>Section 80EEA Additional Deduction<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Budget 2019 has proposed an extra deduction under Section 80EEA for homebuyers of up to Rs 1, 50,000 to stimulate the housing industry.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The following requirements must be completed in order to claim this deduction:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The property&#8217;s stamp value does not exceed Rs 45 lakh.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The loan must have been approved between April 1, 2019 and March 31, 2022. (extended from 31 March 2021)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The individual does not own any other residence on the day of loan sanction, indicating that he or she is a first-time home buyer.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If the individual claims deduction under this provision, he or she should not be entitled to claim deduction under Section 80EE.<\/span><\/li>\n<\/ul>\n<h2 id=\"Home\"><b>Deduction for a shared Home Loan<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">If the loan is obtained jointly, each loan holder can deduct home loan interest up to Rs 2 lakh and principal payments up to Rs 1.5 lakh under Section 80C in their tax returns.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To be eligible for this deduction, they must also be co-owners of the property lent. As a result, taking out a loan with your family can help you claim a higher tax benefit.<\/span><\/p>\n<table>\n<tbody>\n<tr style=\"background-color: #ff9c00;\">\n<td style=\"border: 1px solid #555;\"><b>Deductions<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><b>Section<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><b>Maximum Deduction (INR)<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><b>Conditions<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>Principal<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">80c<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">1.5 Lakh<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Houses should not be sold within five years of occupancy.<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>Interest<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">24b<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">2 Lakh<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">The loan must be used to purchase\/build a residential home, and it must be finished within 5 years after the end of the fiscal year in which the loan was received.<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>Interest<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">80EE<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Rs.50,000<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">The loan amount should be Rs 35 lakh or less, and the property value should not be more than Rs 50 lakh.<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>Stamp Duty<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">80C<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">1.5 Lakh<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">It may only be claimed in the year in which the costs are incurred.<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>Interest<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">80EEA<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">1.5 Lakh<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">The property&#8217;s stamp value should be Rs.45 lakh or less. Section 80EE deductions are not available to the taxpayer.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><a href=\"https:\/\/legalwindow.in\/itr-filing-for-individuals\/\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-108029 size-full\" title=\" ITR Filing for Individuals Starting from \u20b9 500\/\" src=\"https:\/\/legalwindow.in\/wp-content\/uploads\/imgpsh_fullsize_anim-34-5.jpg\" alt=\" ITR Filing for Individuals Starting from \u20b9 500\/\" width=\"1000\" height=\"200\" srcset=\"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/imgpsh_fullsize_anim-34-5.jpg 1000w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/imgpsh_fullsize_anim-34-5-600x120.jpg 600w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/imgpsh_fullsize_anim-34-5-300x60.jpg 300w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/imgpsh_fullsize_anim-34-5-768x154.jpg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><\/h2>\n<h2 id=\"Conclusion\"><b>Conclusion<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">If you take out a second house loan to buy another property, you can enjoy the same tax benefits, but the total amount of deductions is subject to the relevant restrictions. The Government has introduced further incentives for investing in real estate in the 2019 Union Budget. Previously, only one property could be considered self-occupied, and a second house was thought to be rented out, and therefore notional rent was computed and taxed as income. However, a second home can now be deemed a self-occupied property.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Although a house loan has a financial cost, utilising your loan wisely may significantly reduce your financial burden and help you maximise your tax savings.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>For most people, owning a home is a dream comes true. The Indian government has traditionally favoured encouraging residents to invest in real estate. This is why a&hellip;<\/p>\n","protected":false},"author":4,"featured_media":108026,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-108020","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-income-tax"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Tax benefit on Home Loan under Income Tax Act 1961 &#187; Legal Window<\/title>\n<meta name=\"description\" content=\"Latest Article - Tax benefit on Home Loan under Income Tax Act 1961. 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