{"id":118441,"date":"2023-09-22T14:23:51","date_gmt":"2023-09-22T08:53:51","guid":{"rendered":"https:\/\/legalwindow.in\/?p=118441"},"modified":"2023-09-27T14:28:22","modified_gmt":"2023-09-27T08:58:22","slug":"new-home-loan-tax-benefits","status":"publish","type":"post","link":"https:\/\/www.legalwindow.in\/blog\/new-home-loan-tax-benefits\/","title":{"rendered":"Don\u2019t Forget About These New Home Loan Tax Benefits"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-118450 size-full\" title=\"New Home Loan Tax Benefits\" src=\"https:\/\/legalwindow.in\/wp-content\/uploads\/legal-window-content-image-1-2.png\" alt=\" New Home Loan Tax Benefits\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/legal-window-content-image-1-2.png 1200w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/legal-window-content-image-1-2-600x315.png 600w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/legal-window-content-image-1-2-300x158.png 300w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/legal-window-content-image-1-2-1024x538.png 1024w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/legal-window-content-image-1-2-768x403.png 768w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Introducing a refreshing angle on home loans &#8211; are you fully aware of the often-overlooked tax benefits that can transform your homeowner experience? Don&#8217;t let these hidden gems slip away! Read this article to unravel the exciting area of <\/span><b>home loan tax benefits<\/b><span style=\"font-weight: 400;\">, exploding your path to financial prosperity.<\/span><\/p>\n<h2><b>Contents<\/b><\/h2>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"border: 1px solid #555;\">\n<ul>\n<li><a href=\"#deduction\"><span style=\"font-weight: 400;\">Deduction Under Section 24(b) of the IT Act, 1961<\/span><\/a><\/li>\n<li><a href=\"#Under\"><span style=\"font-weight: 400;\">Deduction Under Section 80C of the IT Act, 1961<\/span><\/a><\/li>\n<li><a href=\"#PMAY\"><span style=\"font-weight: 400;\">PMAY (Pradhan Mantri Awas Yojana)<\/span><\/a><\/li>\n<li><a href=\"#Tax\"><span style=\"font-weight: 400;\">Tax benefits on joint home loans:<\/span><\/a><\/li>\n<li><a href=\"#Set-off\"><span style=\"font-weight: 400;\">Set-off of loss from house property:<\/span><\/a><\/li>\n<li><a href=\"#Income\"><span style=\"font-weight: 400;\">Income Tax Benefits on Home Loans in Nutshells<\/span><\/a><\/li>\n<li><a href=\"#Winding\"><span style=\"font-weight: 400;\">Winding Up Note<\/span><\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"deduction\"><b>Deduction Under Section 24(b) of the IT Act, 1961<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Section 24(b) provides for <\/span><b>interest paid on house loans<\/b> <b>to be deducted<\/b><span style=\"font-weight: 400;\">, providing significant tax relief to homeowners. Borrowers can claim a deduction of up to 2 lakh per year on the interest part of their house loan EMIs under this provision, subject to certain criteria. This deduction applies to both self-occupied and rented residences, and it can greatly lower homeowners&#8217; tax liability.<\/span><\/p>\n<h2 id=\"Under\"><b>Deduction Under Section 80C of the IT Act, 1961\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Section 80C enables taxpayers to deduct the principal repayment component of their mortgage EMIs. Borrowers can claim a deduction on principal repayments of up to 1.5 lakh per year under this provision. This <\/span><b>deducting mortgage interest<\/b><span style=\"font-weight: 400;\"> is limited to a total of 1.5 lakh, which includes a variety of different investments and expenses such as provident fund payments, life insurance premiums, and education fees.<\/span><\/p>\n<p><b>Also read: <\/b><a href=\"https:\/\/legalwindow.in\/concept-of-housing-loans-emis-business-in-india\/\" target=\"_blank\" rel=\"noopener\"><b>Concept of Housing Loans &amp; EMI\u2019s Business in India<\/b><\/a><\/p>\n<h2 id=\"PMAY\"><b>Pradhan Mantri Awas Yojana (PMAY)<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The government&#8217;s<a href=\"https:\/\/pmaymis.gov.in\/\" target=\"_blank\" rel=\"noopener\"> flagship scheme, PMAY<\/a><\/span><span style=\"font-weight: 400;\">\u00a0aims to provide affordable housing for all by 2022. Under <\/span><a href=\"https:\/\/legalwindow.in\/pmay-eligibility-re\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">PMAY home loan<\/span><\/a><span style=\"font-weight: 400;\">, first-time homebuyers meeting certain income criteria can avail of additional tax benefits. Section 80EEA, introduced specifically for affordable housing, allows an additional deduction of <\/span><span style=\"font-weight: 400;\">\u20b9<\/span><span style=\"font-weight: 400;\">1.5 lakh on <\/span><b>housing loan interest<\/b><span style=\"font-weight: 400;\"> for first-time homebuyers. Further, Section 80EEB permits an extra deduction of <\/span><span style=\"font-weight: 400;\">\u20b9<\/span><span style=\"font-weight: 400;\">1.5 lakh on interest paid on loans sanctioned during the financial year 2019-20, subject to eligibility conditions.<\/span><\/p>\n<h2 id=\"Tax\"><b>Tax benefits on joint home loans<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">When multiple individuals apply for a <\/span><b>home loan<\/b> <b>interest exemption<\/b><span style=\"font-weight: 400;\"> as co-borrowers, each of them can claim tax benefits individually. Under the Income Tax Act, each co-borrower is eligible for <\/span><b>housing loan<\/b> <b>interest<\/b> <b>deductions under Sections <\/b><span style=\"font-weight: 400;\">24(b) and 80C, subject to their respective ownership shares and loan repayment responsibilities. This provision encourages joint ownership and facilitates affordable home buying for multiple individuals.<\/span><\/p>\n<p><b>Also, read: <\/b><a href=\"https:\/\/legalwindow.in\/tax-saving-other-than-section-80c\/\" target=\"_blank\" rel=\"noopener\"><b>Exploring Tax Saving Options Other than Section 80C of the Income Tax Act, 1961<\/b><\/a><\/p>\n<h2 id=\"Set-off\"><b>Set-off of loss from house property<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">In the case of a self-occupied property, where the interest payment exceeds the rental income, the loss from the house property can be set off against income from other sources. As per Section 71 of the <\/span><span style=\"font-weight: 400;\">Income Tax Act, 1961<\/span><span style=\"font-weight: 400;\"> the unadjusted loss can be carried forward and set off for eight subsequent years. This provision limits the tax burden on homeowners and provides relief during lean rental income periods.\u00a0<\/span><\/p>\n<h2 id=\"Income\"><b>Income Tax Benefits on Home Loans in Nutshells<\/b><\/h2>\n<table>\n<tbody>\n<tr>\n<td><b>Deductions<\/b><\/td>\n<td><b>Section<\/b><\/td>\n<td><b>Maximum Deduction (INR)<\/b><\/td>\n<td><b>Conditions<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Principal<\/span><\/td>\n<td><span style=\"font-weight: 400;\">80C<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.5 Lakh<\/span><\/td>\n<td><span style=\"font-weight: 400;\">The home should not be sold within five years of occupancy or ownership.<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Interest<\/span><\/td>\n<td><span style=\"font-weight: 400;\">24b<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2 Lakh<\/span><\/td>\n<td><span style=\"font-weight: 400;\">The loan must be used to buy or construct a home and must be completed within five years from the end of the financial year in which the loan was received.<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Interest<\/span><\/td>\n<td><span style=\"font-weight: 400;\">80EE<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Rs.50,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">The loan amount should be Rs 35 lakh or less and the asset value should not exceed Rs 50 lakh.<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Stamp Duty<\/span><\/td>\n<td><span style=\"font-weight: 400;\">80C<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.5 Lakh<\/span><\/td>\n<td><span style=\"font-weight: 400;\">It can only be claimed in the year in which the expense is incurred.<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Interest<\/span><\/td>\n<td><span style=\"font-weight: 400;\">80EEA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.5 Lakh<\/span><\/td>\n<td><span style=\"font-weight: 400;\">The stamp value of the property must be Rs.45 lakh or less. Section <\/span><b>80EE<\/b> <b>deduction<\/b><span style=\"font-weight: 400;\"> is not given to the individual taxpayer.\u00a0<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><a href=\"https:\/\/legalwindow.in\/gst-registration\/\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-118470\" src=\"https:\/\/legalwindow.in\/wp-content\/uploads\/Get-GST-Registration-from-Expert.png\" alt=\"\" width=\"1000\" height=\"200\" srcset=\"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Get-GST-Registration-from-Expert.png 1000w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Get-GST-Registration-from-Expert-600x120.png 600w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Get-GST-Registration-from-Expert-300x60.png 300w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Get-GST-Registration-from-Expert-768x154.png 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><\/p>\n<h2 id=\"Winding\"><b>Winding Up Note<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Various <\/span><b>home loan tax benefits<\/b><span style=\"font-weight: 400;\"> under the <\/span><a href=\"https:\/\/www.indiacode.nic.in\/bitstream\/123456789\/2435\/1\/a1961-43.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Income Tax Act, 1961<\/span><\/a><span style=\"font-weight: 400;\"> have made homeownership more affordable and attractive for individuals. From deductions on interest and principal repayment to additional benefits for affordable <\/span><b>housing loans<\/b><span style=\"font-weight: 400;\"> and joint <\/span><b>home loans<\/b><span style=\"font-weight: 400;\">, these incentives encourage individuals to invest in real estate and contribute to the growth of the housing sector. Individuals need to be aware of these provisions to avail themselves of the maximum tax benefits while fulfilling their dream of owning a home.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In case of any query regarding <\/span><b>Home Loan Tax Benefits, <\/b><span style=\"font-weight: 400;\">feel free to connect with our legal experts at\u00a0<\/span><a href=\"https:\/\/legalwindow.in\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Legal Window<\/span><\/a><span style=\"font-weight: 400;\">\u00a0at\u00a0<\/span><b>72407-51000.<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Introducing a refreshing angle on home loans &#8211; are you fully aware of the often-overlooked tax benefits that can transform your homeowner experience? Don&#8217;t let these hidden gems&hellip;<\/p>\n","protected":false},"author":4,"featured_media":118451,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-118441","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-company"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Don\u2019t Forget About These New Home Loan Tax Benefits &#187; Legal Window<\/title>\n<meta name=\"description\" content=\"New Home Loan Tax Benefits - The exciting area of home loan tax benefits, exploding your path to financial prosperity.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalwindow.in\/blog\/new-home-loan-tax-benefits\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Home Loan Tax Benefits\" \/>\n<meta property=\"og:description\" content=\"New Home Loan Tax Benefits - The exciting area of home loan tax benefits, exploding your path to financial prosperity.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.legalwindow.in\/blog\/new-home-loan-tax-benefits\/\" \/>\n<meta property=\"og:site_name\" content=\"Legal Window\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/legalwindow.in\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-22T08:53:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-27T08:58:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/legal-window-content-image-1-2.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"CS Garima Kothari (B.COM, MBA)\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"CS Garima Kothari (B.COM, MBA)\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/new-home-loan-tax-benefits\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/new-home-loan-tax-benefits\\\/\"},\"author\":{\"name\":\"CS Garima Kothari (B.COM, MBA)\",\"@id\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/#\\\/schema\\\/person\\\/a7d792fb3d624b37c80fc19d03e265e4\"},\"headline\":\"Don\u2019t Forget About These New Home Loan Tax Benefits\",\"datePublished\":\"2023-09-22T08:53:51+00:00\",\"dateModified\":\"2023-09-27T08:58:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/new-home-loan-tax-benefits\\\/\"},\"wordCount\":726,\"publisher\":{\"@id\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/new-home-loan-tax-benefits\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/wp-content\\\/uploads\\\/LW-FIMG-1-3.png\",\"articleSection\":[\"Finance Company\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/new-home-loan-tax-benefits\\\/\",\"url\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/new-home-loan-tax-benefits\\\/\",\"name\":\"Don\u2019t Forget About These New Home Loan Tax Benefits &#187; 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