Income Tax 2024: You can save tax through home loan also, know how to take advantage of it

New Delhi: The government is also encouraging people to buy their own houses. For this, the government also gives them the benefit of tax benefits. After getting tax exemption, people can easily buy houses at a lower price.

In today's time, everyone dreams of buying their own house. In such a situation, many people take home loan to build their house. Many people are not aware that they also get the benefit of tax benefits on home loan.

Regarding the tax benefits available on home loans, Sanju Bhadana, Managing Director of Four Ace Developers, said that

Home loan is a big step taken to buy a house. When you buy a house by taking a home loan, you have to pay interest. You can get tax exemption under Section 24, Section 80C and Section 80E of the Income Tax Act on paying interest on home loan. Under Section 24, you can get a maximum deduction of up to Rs 2 lakh on your home loan interest during a financial year.

He further says that under Section 80C, you can get a maximum deduction of up to Rs 1.5 lakh on your home loan interest payment. Under Section 80E, you can get a maximum rebate of up to Rs 50,000 on home loan interest payment. It is very important to consult a financial advisor regarding tax benefits on home loan.

How to get tax benefits on home loan?

• Under Section 24 of the Income Tax Act, you get a rebate of up to Rs 2 lakh on home loan interest in a financial year. This exemption helps in reducing the tax burden on the loan holder.
• Even if the taxpayer returns the principal amount of the home loan taken by him to the bank, he still gets tax benefits. To avail this benefit, a taxpayer can claim a maximum of Rs 1.50 lakh under Section 80C of Income Tax.
• If you have bought a house this year, then let us tell you that you can also avail the benefit of income tax on registration and stamp duty. You will get this benefit under Section 80C of the Income Tax Act. In this you can avail maximum benefit up to Rs 1.5 lakh.
• Even if two or more people have taken a home loan together i.e. a joint loan, the government still gives them tax exemption. In this, there is a benefit of up to Rs 2 lakh on interest and Rs 1.5 lakh on principal.