The Government of India has levied tax on various things, from clothing to home loans. This tax acts as revenue for the state and central government. As a responsible citizen, you must pay this tax. There are tips and tricks which will help you with tax saving on home loan. Read my answer below.
How to save tax on home loan? 1.SchemesThere are several schemes introduced by the Government. Pradhan Mantri Jan Dhan Yojana is one of them. The scheme aims at making housing affordable and accessible for all. You can avail one of the schemes.
- Deduction
Under Section 24 of the Income Tax Law, you can claim the interest of EMI for the year as a deduction from your total income up to a maximum of Rs 2 lakh.
- Registration Charge and Stamp Duty
You can claim a deduction of tax on property under Section 80C of the Income Tax Law. This initial deduction for stamp duty and registration charges can also be claimed within the overall limit of Rs 1.5 lakh.
This is the end of my answer about tax saving on home loan. Remember to file your taxes every year.
If you are exploring home loan options and looking for best deals, check out NoBroker Home Loan services Read more :How many home loans are eligible for tax exemption?
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how to save tax on home loan
karan
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2022-01-03T12:47:59+00:00 2022-01-03T12:48:00+00:00Comment
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