“What is rebate in income tax” is a very common query among taxpayers nowadays. When a person pays more than their tax liability they receive a refund on the paid amount which is referred to as a tax rebate. The excess amount is refunded at the end of the fiscal year. I hope now you know what is tax rebate in income tax.
How to Get Tax RebateTo claim a tax refund, you need to file a tax return within a certain period. One can get a refund of the excess tax along with the interest in India. Usually, you get tax refunds as your income falls within the tax slab that gets updated every year according to the government’s directions.
Now you know what is the meaning of rebate in income tax and how to get it.
What is Income Tax Rebate on Home LoanThe Income Tax Act provides tax deductions on the principal and interest components of a housing loan under different sections and the total tax deduction that you can get on a housing loan can add up to Rs. 5,00,000. For this, a taxpayer needs to be a first time house buyer and he should have taken a home loan for a ready-to-move affordable house.
Deduction Amount:| Section | Claimed on | Deduction Amount |
Section 80C |
Principal |
Rs. 1,50,000 |
Section 24 |
Interest |
Rs. 2,00,000 |
Section 80EEA (not available for loans takes after 31-03-2022) |
Interest |
Rs. 1,50,000 |
This is all on what is the income tax rebate on housing loan.
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Read more:
How to claim home loan interest in income tax return?
How to declare home loan in income tax?
How do I get tax benefit on a joint home loan?
I hope I cleared all your doubts on what is rebate in income tax and what is the income tax rebate on housing loan.
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Authors Of The Question
What is rebate in income tax?
Saurav
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2022-02-07T12:33:19+00:00 2022-02-07T18:34:59+00:00Comment
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