Home Loan Tax Benefits – Section 24, 80C, 80EE
Buying a house without home loan is distant dream for most of the people. But even if you have required funds to buy house, taking home loan can be tax efficient. You can save significant amount of tax on the principal repayment of home loan as well as Interest paid on home loan.
In this post, I will try to explain the tax benefits associated with home loan.
Section 80C – Deduction upto Rs 1.50 lakh for Principal repayment
Under Section 80C, you can claim deduction upto Rs 1.50 Lakh by way of investment in eligible items – Home loan repayment is one of the eligible items. Read more on 80C deductions
The deduction is only for residential house property and not for commercial property.
It is available only for purchase or construction of a house and not for renovation, additions or ...