This is one of the few income tax exemptions that was chosen inside year’s Budget and is attending offer perk in order to basic-big date homebuyers.
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But not, if one or two anybody own the house, state wife and husband, and you can both of them is purchasing instalments to the financing, they both normally allege this deduction
The brand new Finances had welcome a taxation different regarding Rs 12.5 lakh for any focus paid for an inexpensive property family loan. It was a rise off Rs one.5 lakh regarding earlier limitation from Rs 2 lakh.
Below Section 24 of your Income tax Act installment loans Lawrence IL, personal taxpayers were able to allege a good deduction out of Rs 2 lakh for appeal payments. Around Section 80EEA, an extra deduction away from Rs one.5 lakh is obtainable in addition to the new Part 24 restriction. In the event the taxpayers can meet the fresh new standards under Area 24 and you will Part 80EEA, they’re able to take advantage of a complete income tax difference away from Rs. 3.5 lakh. (more…)
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