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How to Save Tax Using Home Loans

How to Save Tax Using Home Loans - Not everybody who wants to invest in property can afford to pay it out off his or her own pocket. People usually take home loans from banks and other financial institutions.

Home Loans, Home Loan Investment Bank, Claim Tax Benefits, Tax Benefits

This home loan can be used as an instrument to claim tax benefits. Therefore, if you take a home loan from a bank in order to buy a property, you will be able to get a deduction on your total income. Your taxable income becomes less and as a result, you pay a lower amount of income tax.

The good news is that there are tax benefits that can be claimed on both the principal and the interest amount of the loan. You can claim deductions of up to Rs. 2.5 lakh on your net taxable income.

Get Tax Benefits on the Interest

According to Section 24B of the Income Tax Act, 1961, there is a tax deduction on the interest payment. According to this section, you will get a tax benefit of up to Rs. 1,50,000 or the interest amount paid, whichever is lower, on your net taxable income. The condition is that the property construction needs to have been finished within three years from the end of the financial year when the loan was passed.

In case you have paid a part of the interest during the pre-construction phase, then you can claim a deduction on that amount in five equal installments after the construction is finished.

The upper limit tax deduction of Rs. 1,50,000 is applicable on properties that are self-occupied. However, in case you have bought a property that you are letting out, then you can claim a tax deduction amount equal to the entire value of the interest.

Get Tax Benefits on the Loan Amount

According to Section 80C of the Income Tax Act, 1961, you can also claim the principal amount of the home loan, as a tax deduction. To claim this deduction, you need to make sure that the construction of the house has been completed in the previous year. The benefit that you can claim is restricted to an upper limit of Rs. 1 lakh. This upper limit is inclusive of other tax saving instruments, like LIC, Provident Fund, and Employees Provident Fund.

Tax Benefits due to Loss from Property

You can claim a deduction on your income due to loss from property. If the rent you received from your house is less than the total maintenance and interest amount that you paid, then the difference is the loss from property.

For example, suppose you receive a rent of Rs. 1 lakh on a property that you have had to pay an interest amount of Rs. 75,000 and a maintenance charge of Rs. 30,000. So now the total amount that you had to spend on interest and maintenance is Rs. 1,05,000, which is Rs. 5,000 more than the rent that you received. This Rs. 5,000 is deductible from your taxable income from the house property.


by Karan Kamble

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