loan guide in hindi
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Under the Income Tax Act of 1961, the government offers a number of tax benefits on house loans to entice residents to invest in real estate.
Knowing all of the home loan tax benefits is crucial since doing so can enable you to significantly reduce your tax obligations.
Both principal and interest payments are part of a mortgage. Both of these groups are eligible for tax deductions.
The principle repayment part of the EMI is eligible for a tax deduction of up to Rs 1.5 lakh every financial year under section 80(c) of the Income Tax Act.
Only after the residential property's construction is complete may this deduction be used.
This benefit will be lost if you sell your property before five years have passed since the end of the fiscal year in which you took possession of it.
Stamp duty and registration costs may also be recovered under the Income Tax Act, but they must stay within the Rs 1.5 lakh principle repayment cap overall.
You can take advantage of this perk whether or not you borrow money for a home. Additionally, this benefit is only available in the year that these costs are spent.
Using your loan wisely can significantly aid in decreasing your financial load and help you maximise your tax savings, even though a house loan has a cost.
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