Section 80C: Principal Repayment
You can claim a deduction of up to ₹1.5 lakh per financial year on the principal repayment of your home loan.
Section 24(b): Interest Payment
Claim up to ₹2 lakh deduction on the interest paid for a self-occupied property. For let-out properties, there is no upper limit.
Section 80EEA: Additional Deduction
First-time homebuyers can claim an additional ₹1.5 lakh on interest payments, subject to specific conditions like property value typically under ₹45 lakh.
Joint Home Loan Benefits
If you take a joint loan with a spouse/parent, both applicants can claim these deductions separately, doubling the tax benefits!
How to Claim
Submit your home loan interest certificate to your employer or include it when filing your ITR.
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