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Income tax rebate on house loan
This incentive would be over and above the tax deduction.
In case the loss cannot be set-off against income from other sources in the same financial year, the loss can be carried forward to future years and set-off against income arising from House Property for the next 8 financial years.
Hence, deduction under Section 24 should be claimed on yearly basis even if no payment has been made during the year as compared to Section 80C which allows for deduction only on payment basis.So every year a maximum of Rs 2 lakh can be claimed for a house that you use for your own residence.However, Section 80C(5) also states that in case the assessee transfers the house property on which he has claimed tax deduction under.1,50,000 define contested identity Purpose of Loan Purchase/ Construction/ Repair/ Renewal/ Reconstruction of a Residential House Property.As per Section 24, the Income from House Property shall be reduced by the amount.30,000 No Limit No Limit Budget 2017 Update In case of non-self occupied property, the interest paid is reduced from the Rent paid to arrive at the Income from House Property.The maximum tax deduction allowed under Section 24 of a self-occupied property is subject to a maximum limit.In such a case, your total taxable income will be Rs 8,50,000 Rs 52,000 - Rs 1,80,000.22 lakh.2 Lakhs (increased in Budget 2014 from.5 Lakhs.
To explain the Tax Benefit on Home Loan, we would be dividing the Repayment of Home Loan into 2 components.
In case of joint ownership and/or home loans taken in joint names, rental income may be computed and deductions for interest/principal repayments may be availed corresponding to the percentage share of each co-owner.
The amount which is not set-off shall be carried forward to future years.
No deduction would be allowed under this section for repayment of principal for those years during which the property was under construction.
Also, a second house qualifies as wealth on which wealth tax is levied at 1 of value if the net wealth exceeds R30 lakh.
If an individual holds more than one property in his name, only one such property may be considered as self-occupied and the others are classified as deemed rented out for the year under consideration.
The property to be classified as deemed rented out is at the individuals discretion.This deduction can be claimed starting the year in which the construction of the house is completed.Therefore, it reduces your total taxable income and the tax you pay thereon.A maximum of.5 lakh can be claimed as deduction under Section 80C.In this case, the respective rental income from the two properties is taxable and a full deduction of interest paid on the corresponding home loans is allowed against such incomes.