It is the desire of every person to have a small house of his own. To fulfill this dream, people take the help of home loans. The financial year 2022-2023 has started. In this new financial year, if you are thinking of taking a new home with the help of home loan, then let us tell you that you can get many benefits by taking a home loan. According to financial experts, any taxpayer gets the highest tax benefit on a home loan. The big reason for this is that the government promotes the housing sector with the help of tax exemption with the help of home loan.
Explain that on home loan, the tax payer gets the benefit of tax exemption on many labels. On taking home loan for the first time, an additional tax exemption of Rs 50,000 is available from the government. If you are also thinking of taking a home loan, then first of all know about the tax exemption available on home loan-
Exemption is available under section 24 of income tax
It is worth noting that there are total two parts in a home loan. The first part is the principal money of the home loan, which has to be repaid by the borrower. At the same time, income tax is exempted separately on its interest. There is a separate exemption on home loan interest under section 24. In this, the taxpayer can get income tax exemption by claiming interest of Rs 2 lakh. Keep in mind that the interest charged on taking a long-term home loan is also higher. With this, you can get maximum benefit of tax exemption every year. Keep in mind that you will not get any interest exemption while building the house. You will get this facility only after shifting in the house.
Home loan is exempted under section 80C
The tax payer also gets the benefit of separate tax exemption on the principal amount of the home loan. This exemption is available under section 80C of Income Tax. To get the benefit of this exemption, you must have at least 5 years of possession. In case of possession, you cannot buy or sell your property. If you sell the property in the meantime, then in such a situation all your earlier exemption will be withdrawn and it will be added to the income. You will be able to get exemption in income tax on registration fees and stamp duty expenses.
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