Section 24(b) of the Income-tax Act, 1961, allows a deduction for the interest component of the home loan EMI. This additional deduction can be availed afterįirst exhausting the limit under Section 24(b) for the interest portion. If you are a “first-time home buyer”, you can even claim an additional deduction upto Rs 50,000 under Section 80EE (subject to certain conditions). The principal portion of your home loan EMI is eligible for a deduction under Section 80C of the Income-tax Act, 1961, subject to a maximum limit of Rs 1.50 Yes, there are tax benefits of availing a home loan. ![]()
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