4 facts about Home loans in India

Fact 1

No Tax deductions for House under-construction before you get the ownership or occupy it.

Principle not allowed under 80C
Interest amount can be claimed in next 5 yrs after occupying house


Fact 2

Home Loan taken from Friends and Family is also eligible for Tax Deductions

Only Interest Amount allowed
Principle amount not eligible


Fact 3

Selling the House before 5 yrs would mean paying back Tax saved under sec 80C

- No reversal for interest amount


Fact 4

Deducations under sec 80C is not allowed for loans taken for Extension or Renovation of House

Only deductions for interest amount is allowed

Category:

Education

Tags:

• home loans
• india house
• house loan
• sec 80C
• interest deductions

[235tanas]

Very informative



[balaji1991121]

useful to students who are pursuing their CA course