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TOP 10 Disadvantages of Home Loans


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Old 03-11-2021, 03:12 PM
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Default TOP 10 Disadvantages of Home Loans

Buying Home For First Time? Here’s How You Can Avail Income Tax Benefits | Details Here

If you are purchasing home for the first time, you are entitled to get income tax benefits up to Rs 5 Lakh under three sections such as Section 80C, Section 24 and Section 80EEA of the Income Tax Act.

Income tax benefits for first-time home buyers.
New Delhi: If you are buying house for the very first time by taking home loan, you must know how you can avail tax benefits. Many first-time home buyers usually don’t have mush idea on income tax benefits. For the information of home buyers, if you are purchasing a home for the first time, you are entitled to get income tax benefits up to Rs 5 Lakh under three sections such as Section 80C, Section 24 and Section 80EEA of the Income Tax Act. Notably, these sections of the Income Tax Act allow you to avail home loan benefit of Rs 5 lakh annually. If you gave purchased your home, in the first year, you can claim tax deduction benefits of Rs 4.27 lakh.

Income Tax Benefits For Second-Time Home Buyers
If you have already purchased a house and want to buy another one, then tax benefits under 80EEA cannot be claimed by you. As per the tax laws, you can claim Rs 95,000 under 80C (plus Rs 55,000 against stamp duty paid in first year) and Rs 2,00,000 under Section 24. Furthermore, you can claim the full amount of interest component under Section 24.


Income Tax Benefits For Women Home buyers
According to income tax laws, there are no specific benefits in case a woman buys in a house. She can claim all the above-mentioned benefits under income tax laws. However, some state governments have allowed 1-2 per cent benefit of stamp duty if a woman buys a house for the first time.

Income Tax Benefits For Joint buyers
If both husband and wife plan to purchase a house, the income tax benefit rules remain the same. However, both husband and wife can claim tax benefits in their individual files. Their maximum deduction benefits cannot cross the actual amount paid meaning both husband and wife cannot take benefit of same payment.

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