Web11 Apr 2024 · When it comes to deductions, Section 80C is the most popular option that allows taxpayers to reduce their taxable income by up to Rs.1.5 lakh. ... 80E, 80G including interest payment on home loan ... Web9 Feb 2024 · Is the Home Loan principal part of Section 80C? Yes, home loan principal is part of Section 80C of the Income Tax Act. Under this section, an individual is entitled to tax deductions on the amount paid as repayment of the principal component on the housing loan. What section is interest on home loan?
How to Save More on Taxes: Understanding Tax-Saving …
Web30 Mar 2024 · Section 80C of the Income Tax Act allows individuals to claim deductions on their taxable income by investing in certain specified instruments. ... It allows a maximum deduction of Rs. 1.5 lakh and is available for the interest paid on the home loan during the financial year. The deduction is available for a maximum of 7 years or until the ... Web16 Mar 2024 · A top-up home loan is eligible for tax benefits under Section 80C if used for the purchase or construction of a residential property, and Section 24 (b) if used for the acquisition, construction, repair, renewal, or reconstruction of residential property, depending on the deduction claimed. File your returns in just 3 minutes 100% pre-fill. rdr2 online grizzly bear location
Section 80C deduction - New income tax regime vs old tax regime …
WebSection 80C. Section 80C of the Income Tax Act of India is a clause that points to various expenditures and investments that are exempted from Income Tax. It allows for a maximum deduction of up to Rs.1.5 lakh every year from an investor’s total taxable income. Section 80C is applicable only for individual taxpayers and Hindu Undivided ... WebUnder Section 80EEA, first-time home buyers investing in affordable homes in India get Rs 1.50 lakh income tax deductions on home loan interest payment. The benefits of Section … WebFor home loans taken jointly, each loan holder can claim a deduction of up to Rs 2 lakh for interest and up to Rs 1.5 lakh for principal repayment under Section 80C. In order to … how to spell limerick