There are two sections of the “Income Tax Act” of India which will allow you to get a deduction if you have taken a home loan; this, of course, ignores home loans from “private sources” (Friend, Family, etc). The two sections are hereunder.
- Sec 24(b) of the Income Tax Act, 1961
- Sec 80(c) of the Income Tax Act, 1961
Section 24(b) is with respect to the “Interest Paid” on the Home Loan and Section 80(c) is with respect to the “Principal Repayment” of the Home Loan.
WHY PAY MORE? TRANSFER YOUR HOME LOAN TO LOWER RATE OF INTEREST
Section 24(b) of the Income Tax Act, 1961 is applicable to a Home loan for the purchase of a house or construction of the house property. You can avail a deduction of up to Rs. 1,50,000 of your total tax liability. Also, reconstruction, renewal, or repairs are eligible for deductions under the said section.
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