Hello Rafi. I saw you asking home loan interest comes under which section and would like to help. The home loan interest comes under Section 80EE of the IT Act. I am a home loan officer at one of India’s private banks and have a good amount of knowledge regarding this subject. There are eligibility criteria that one needs to clear to avail of tax deductions as per Section 80EE. I’ll share that below.
Eligibility Criteria to Avail Tax Deductions Under Section 80EE
Here are the eligibility criteria you need to clear to be able to get deductions on home loan interest in India:
You should not be owning any other residential property as of the day when the loan is sanctioned.
The property should be strictly residential.
The home loan must be sanctioned between 1st April 2016 to 31st March 2017.
The home loan should be sanctioned by either a housing finance company or a financial institution.
The property value needs to be Rs. 50 lakhs or below.
The home loan should not exceed Rs. 35 lakhs.
This is all I have to share with you. I hope you now know housing loan interest comes under which section of the IT Act.
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Home loan interest amount comes under which section?
The principal of a house loan is deductible under Section 80C of the Income Tax Act. An individual is eligible to tax discounts on the total paid as repayments on a home loan under this clause. The home loan interest comes under Section 80EE. You can save taxes or interest on the housing loan you have taken from any financial institution with this Section. This section allows you to claim a discount of up to Rs 50,000 each year on the interest amount that you pay. You can claim this discount until the debt is completely paid off.Criteria to claim the deduction:
1) The loan you have taken from any financial institution should be around Rs.35 Lakhs or less than that. 2) The exact value of the house you are purchasing or constructing should be Rs.50 Lakhs or less than that. 3) The loan should be sanctioned by the respective financial institution or finance company. 4) The loan should be sanctioned in between the time period of date 01/04/2016 to 31/03/2017 as per the recent rule. 5) You must not own any other residential property anywhere else as of the loan's approval date or time period. This clears your doubt about home loan interest comes under which section. If are planning to get a home loan at low-interest rates through NoBroker, then check your eligibility usingNoBroker's Home Loan Calculator:
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NoBroker offers home loan services at the lowest interest rates, do give it a try. Read More: Where to mention home loan interest in ITR 1? How to claim home loan interest in income tax returns?Your Feedback Matters! How was this Answer?
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Home loan interest comes under which section?
rafi
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2022-02-23T22:34:58+00:00 2022-02-23T22:34:59+00:00Comment
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