Tax Advantages for Home Loans Learn More Comprehensively
Saving taxes on the purchase of a residential property with a home loan is possible under Income Tax Act Sections 24, 80C, 80EE, and 80EEA. We are frequently asked about tax savings when online tax filing services India purchasing a residential property with a loan. As a result, we have created a detailed blog explaining the tax-saving schemes for residential property purchased with a loan. Sections 24, 80C, 80EE, and 80EEA of the Income Tax Act allow for tax savings when purchasing a residential property with a home loan. Tax deductions under these Sections can be claimed on either the principal or interest amount. Moreover, keep reading the blog to learn more. The provision of the Income Tax Act clearly states that only the person who has title to the property and has taken out a loan in his name is eligible to claim the deduction on a home loan. In other words, the person must be both the owner of the property and the borrower of the loan. Tax ...