Income Tax Rebate up to 2 Lakhs on Home Loan

Home Loan Tax Rebate 2023:

You can also get an income tax rebate of up to 2 lakhs on your home loan by using these methods.

Home loan offers attractive tax benefits under the sections of the IT Act, which you can use to save tax.

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1- Home loan borrowers get an additional deduction of up to Rs 1.5 lakh under another section 80EEA of the Income Tax Act.

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2- On joint home loans, both borrowers can claim deduction up to the maximum permissible limit i.e. two lakh rupees.

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3- You can claim an annual deduction of up to Rs 1.5 lakh under Section 80C on home loan principal repayment.

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4- Home loan borrowers can claim an additional deduction of Rs.50,000/- under section 80EE for additional tax deductions.

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5- Under section 24B of the IT Act on home loan interest payment, this deduction is available to the extent of two lakh rupees.

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6- You can claim tax deductions for the loan against under-construction property under various sections of the Income Tax Act.

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The Income Tax Rebate on Home Loans mentioned here can increase or decrease according to your eligibility.

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