Home loan is an option for tax saving and property growth

Tax Savings on Home Loan: Home loan is a better option for tax saving and property growth Income Tax Department News| As everyone knows that during the Corona period people had to face many problems. People didn’t have jobs! This disease was taking anyone under its wraps! In such a situation, building a property for them has been no less than a big problem!

Tax Savings on Home Loan: Home loan is a better option for tax saving and property growth

Tax Savings on Home Loan

In such a situation, there is only one easy way for those who want to buy their house and that is home loan. ( Home Loan ) , Interest rates always cause a problem, but it is also a fact that you can also save in tax through home loan and also you can create a huge asset due to home loan. can!

This is how Tax is Saved

home loan (Home Loan) tax savings from (Tax Savings) Facilities have been provided for You can save tax on repayment of home loan principal up to Rs.1.5 lakh every year under Section 80C of the Income Tax Act, 1961! There are many more options for doing this too! These include investment in EPF and Public Provident Fund (PPF), Equity Linked Savings Scheme (ELSS), Investment in ULIPs, Tax Benefits on School Fees and Life Insurance Premium. ( Life Insurance Premium ) There are such means as well, but home loan is considered the best because through this you can easily build wealth too!

Income Tax Will Be Saved From Interest

If you fall in the 30% income tax bracket, you can save Rs 60,000 every year! The only condition for this is that your home loan interest outgo is Rs 2 lakh or more! The less interest you have, the less will be your tax savings! It is clear that if the interest is high, then the tax exemption will be equally high!

How Long Loan Is Required

Income Tax Department For information, let us tell you that now the biggest question is that how long should you take a loan! Like if you fall in 30% tax bracket and if you take a home loan of Rs 30 lakh for 15 years at 7% per annum interest rate ( Home Loan ) If you take, then in 15 years you will save Rs 5,54 lakh in total tax. (Tax Savings) can! On the other hand, if you have a home loan of Rs 50 lakh with a tenure of 30 years, then in a similar situation the tax saving can be up to Rs 13!93 lakh!

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