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Our home loan tax benefit calculator enables you to get an estimate of the amount of tax that you can save by claiming deductions as per the Income Tax act. As per the Income Tax Act (1961), you can receive tax benefits on both home loan components i.e. the principal and interest amount.
As per Section 80C of IT Act, a deduction of up to Rs. 1,50,000 can be claimed every year for repaying the principal on properties that are both rented and self-occupied. To qualify for this benefit, you must avoid selling the property till it completes 5 years from the date of possession.
As per section 24B of the Income Tax Act, you can claim a deduction of Rs. 2,00,000 if you take possession or construct a house within the first 5 years once you take a home loan. If the period of 5 years exceeds, you will be able to claim only Rs. 30,000.
The home loan tax benefit calculator will forecast the tax benefit as per your age, whether you have applied for a joint-home loan, the income tax slab you belong to, and several other factors. With the help of this intuitive home loan tax benefit calculator, you will get to know about the tax benefits accurately based on these factors:
Our calculators are easy-to-use tools that can assist your financial plans. The calculations rely on several factors along with the assumptions that are provided by you. Therefore, we do not assure their accuracy and relevance to your situations.
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