{"id":11471,"date":"2022-12-18T08:22:02","date_gmt":"2022-12-18T02:52:02","guid":{"rendered":"https:\/\/www.onlinecivilforum.com\/site\/?p=11471"},"modified":"2022-12-18T08:22:06","modified_gmt":"2022-12-18T02:52:06","slug":"home-loan-and-tax-benefits","status":"publish","type":"post","link":"https:\/\/onlinecivilforum.com\/site\/home-loan-and-tax-benefits\/","title":{"rendered":"Home Loan and Tax Benefits"},"content":{"rendered":"\n

\u00a0Home Loan and Tax Benefits<\/strong>. Today, many home buyers buy through a home loan.<\/p>\n\n\n\n

The main reason for this is the income tax benefit. \u00a0\u00a0A certain amount of income tax can be saved by taking a home loan and repaying it. \u00a0\u00a0You can find various information about the availability of tax benefits here.<\/p>\n\n\n\n

When you take a home loan and repay it in monthly instalments,\u00a0 you will get tax exemption on interest up to Rs 1.5 lakh per financial year. \u00a0Also, \u00a0if you repay the principal up to Rs 1 lakh, \u00a0you can also claim tax exemption under Section \u00a080-C of the \u00a0Income Tax \u00a0Act.<\/p>\n\n\n\n

If the husband and wife together avail of a \u00a0‘joint loan’,\u00a0\u00a0\u00a0 each will pay interest up to Rs 1 lakh 50,000\u00a0 and the principal of up to Rs 1\u00a0 lakh will be repaid.\u00a0 The money paid can also be exempted from tax.<\/p>\n\n\n\n

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\u2022\u00a0\u00a0 At the time of deciding to take a joint loan with family members, \u00a0if the parents are below 55 years of age and they are in some form of income,\u00a0 they can become co-borrowers. \u00a0You can get a loan along with that. \u00a0The income tax exemption for the same will be available depending on their contribution. \u00a0\u00a0Failure to pay the interest and principal monthly correctly will lead to problems in getting the full income tax exemption on the interest calculated by the bank.<\/p>\n\n\n\n

\u2022\u00a0 There is a possibility of tax exemption of up to Rs 30,000 \u00a0on the loan amount taken for carrying out the necessary repair work after a few years.<\/p>\n\n\n\n

\u2022 After a few years of buying a \u00a0house, you can buy a \u00a0second house with the amount in hand and savings or a bank loan. \u00a0If the cost of the second house is high, you can get a ‘bridge loan’ from the bank and buy the house. \u00a0Capital tax exemption can be availed if availed of loan for the above loan and for expansion work for the house.\u00a0<\/p>\n\n\n\n

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\u2022\u00a0 When a bank takes a loan for a second house, the tax on interest can be deducted from the rent. \u00a0\u00a0If you own a plot of land and buy a \u00a0house by selling it, you will get capital gains tax exemption. \u00a0But the person concerned should not have any other house.<\/p>\n\n\n\n

\u2022\u00a0 There is no tax benefit on bank loans for housing plots.\u00a0 \u00a0Only when a house with a plot is purchased while taking a home loan from a bank will you get tax benefits on the loan amount and interest.\u00a0\u00a0<\/p>\n\n\n\n

\u2022 It is not economically appropriate to buy a second house entirely through a \u00a0bank loan as we are paying 30 per cent income tax per annum. \u00a0It is important to pay income tax on rent when the house is rented out and also to pay wealth tax if the house is worth more than the specified amount.<\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0Home Loan and Tax Benefits. Today, many home buyers buy through a home loan. The main reason for this is the income tax benefit. \u00a0\u00a0A certain amount of income tax can be saved by taking a home loan and repaying it. \u00a0\u00a0You can find various information about the availability of tax benefits here. When you …<\/p>\n","protected":false},"author":2264,"featured_media":11472,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"two_page_speed":[],"footnotes":""},"categories":[444],"tags":[410],"class_list":["post-11471","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-construction-articles","tag-home-loan"],"yoast_head":"\nHome Loan and Tax Benefits - Online CivilForum<\/title>\n<meta name=\"description\" content=\"Home Loan and Tax Benefits Today, many home buyers buy through a home loan. 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