· Understanding tax benefits on home loan. For those who are planning to buy a home this year, tax exemption on home loan interest payment has been increased by 1 lakh in the recent budget. This is in addition to the existing exemption of 1.5 lakhs. In total, this year you can claim a deduction of 2.5 lakh for interest paid on your home loan.
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These home loan tax exemptions can only be claimed to purchase houses with a stamped value of up to Rs. 45 Lakh. Homeowners can claim the benefits on loans availed till 21st March 2020. Thus, borrowers will be able to claim a maximum income tax deduction of Rs. 7 Lakh.
How much tax we can save on Home Loan? Home Loan Tax Benefit-Budget 2018-19 – Was a no-event for people waiting for an additional deduction on Principal or Interest component. Home Loan Tax Benefit-Budget 2016-17 – Additional Rs. 50,000 deduction had been allowed, for first- time home buyers, under Section 80EE.
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While doing your tax planning for this financial year, i.e., 2018-19, don’t forget to claim some of the tax benefits introduced in the Budget 2016. home loan borrowers should remember to claim these additional benefits if they qualify. These tax benefits proposed in Budget 2016 are still applicable as on date.
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· Mortgage Interest Credit. You may be able to take a credit against your federal income tax for certain mortgage interest if a mortgage credit certificate (MCC) was issued to you by a state or local government for low-income housing. Use Form 8396.pdf, Mortgage Interest Credit.
Max Tax Deduction on Home Loan allowed is Rs 2 Lakhs under Sec 24 for Interest on Loan, Rs. 1.5 Lakhs under Section 80EEA and Rs 1.5 Lakhs u/s 80C for.
Financial planning expert Michael Kitces explains the changes to deducting mortgage interest and home equity loan interest for the 2018 tax.