V
Vivek Wadhwa
posted on 10 MayHidden home loan tax benefits for upgraders
Home loan interest pe ₹2.5 lakh additional tax benefit mil sakta hai under Section 24, I just found out. Pehle I thought sirf principal pe 80C ka benefit hai. But agar self-occupied property hai, toh interest pe bhi deduction hai. My CA explained this when I was looking at a 3BHK in Sector 150 for my kids. This makes the EMI much more manageable, especially for a bigger flat. Kitne log yeh use karte hain? Hope this helps someone.
#home-loan#tax-benefits#section-24#upgrading#greater-noida
Comments
This is a great point, but also remember these benefits come with conditions. The current market in Noida is already seeing high property values, so qualifying for the 'affordable housing' criteria might be tricky for many, especially for a 3BHK. Always check the fine print before banking on it.
CAs bhi sab details nahi batate yaar. Always something new to learn.
Yes, U1, you're absolutely right! This 2.5 lakh additional benefit was introduced for affordable housing, I think. My friend got it for his flat in Ajayabpur. It's specifically for first-time home buyers taking a loan up to a certain amount, and the property value should also be within limits. It's under Section 80EEA, not Section 24 directly. People often confuse it. This is a game-changer for budget-conscious buyers like us.
Wait, is this benefit over and above the existing 2 lakh limit under Section 24 for interest? Ya total 2.5 lakh hi hai? My CA never mentioned this for my flat in Alpha I, Greater Noida.
Oh, 80EEA! That makes sense. So, if my loan was sanctioned in 2020, will it still apply?
U3, U4 is right. It's Section 80EEA, an *additional* deduction of ₹1.5 lakh for interest on affordable housing loans, *over and above* the ₹2 lakh under Section 24. So total can be ₹3.5 lakh. But yes, conditions apply, like loan sanction date and property value.
Wow, this is big! I thought the same, only 80C. This changes calculations for sure.
Home loan interest pe ₹2.5 lakh additional tax benefit mil sakta hai under Section 24, I just found out. Pehle I thought sirf principal pe 80C ka benefit hai. But agar self-occupied property hai, toh interest pe bhi deduction hai. My CA explained this when I was looking at a 3BHK in Sector 150 for my kids. This makes the EMI much more manageable, especially for a bigger flat. Kitne log yeh use karte hain? Hope this helps someone.