Bleu Finance
Tuesday, February 7, 2023
  • Home
  • Accountant
  • Credit
  • Finance
  • Insurance
  • Investment
  • Loan
  • Trading
Subscribe
Bleu Finance
  • Home
  • Accountant
  • Credit
  • Finance
  • Insurance
  • Investment
  • Loan
  • Trading
No Result
View All Result
Bleu Finance
No Result
View All Result
Home Loan

How to Claim Tax Benefits on Home Loan?

by Kasper Lee
2 years ago
in Loan
0
How to Claim Tax Benefits on Home Loan?
156
SHARES
2k
VIEWS
Share on FacebookShare on Twitter

The Indian government extends tax benefits under Section 80C of the Indian Tax Act. Presently, a homeowner who is repaying a home loan can claim a tax deduction of Rs. 2 lakhs annually.

Do you already know this but want to know how exactly you can claim the tax benefit? The following three steps provide you with the answers.

Step 1 – Get your documents ready

You should invest some time to compile the following documents as they prove that you are eligible for a deduction.

Borrower details: The loan must be in your name if you wish to claim the tax deductions. You can also claim a tax benefit on your loan if you are a co-borrower.

Loan details: A certificate from your lender carrying your home loan interest rate and principal amount details.

Property Details: Documents with details of your property’s ownership are essential. If you are a co-borrower, search online or ask your lender how many deductions you are eligible for.

Property purchase or construction completion date: You cannot claim tax deductions on a property under construction. This is why you need to provide a document that proves your property’s construction is complete.

Step 2 – Estimate the income from your property (if any)      

If you’re residing in the property you just bought, you can claim a tax deduction of up to Rs. 2 lakhs. However, if you rent out the very same property, there is no upper cap on how much tax deduction you can claim on the loan interest.

In case of a let-out property, you can use a home loan EMI calculator to keep track of your interest payouts and estimate the tax deduction accordingly.

Step 3 – After compiling documents, submit them to your employer

Your employer needs to adjust your TDS based on the tax deduction on your home loan EMI payments. So, make sure they know that you are repaying a loan and are seeking tax benefits for the same. Doing this will ensure they deduct less tax, and you don’t have to adjust your tax liability at the very end of the financial year.

If you’re self-employed or a freelance professional, you simply need to compile these documents to calculate your advance tax for every quarter.

Lastly, remember this: If you want to claim tax benefit on your home loan, eligibility for various tax deductions varies. So, it would be best if you did thorough research before filing taxes to make the most of the tax incentives.

The bottom line

This is it! Once you know how much tax deduction you are eligible for, let your employer know. If you are self-employed, let your Chartered Accountant know, and they will adjust your tax benefit accordingly.

If you file your taxes on your own, make sure to mention the amount of tax deduction you are eligible for when you file your tax online.

Related Posts

How do Self-employed Qualify for a Personal Loan?
Loan

How do Self-employed Qualify for a Personal Loan?

September 15, 2022
Title Pawning: How to Pawn a Title with Ease
Loan

Title Pawning: How to Pawn a Title with Ease

June 14, 2022
  • Trending
  • Comments
  • Latest
Understanding the Difference Between an IRA Transfer and a Rollover

Understanding the Difference Between an IRA Transfer and a Rollover

July 13, 2020
Analysis paralysis in the investment business

Analysis paralysis in the investment business

September 17, 2020
5 Physical Investments to Prepare for a Barter Economy

5 Physical Investments to Prepare for a Barter Economy

January 18, 2022
Features of Best Savings Accounts

Features of Best Savings Accounts

November 30, 2020
Why Should You Apply For Easy Payday Loans?

Why Should You Apply For Easy Payday Loans?

0
Third World Challenges in Accounting

Third World Challenges in Accounting

0
Normal Mistakes When Hiring a Tax Accountant

Normal Mistakes When Hiring a Tax Accountant

0
The most effective method to Become A Chartered Accountant

The most effective method to Become A Chartered Accountant

0
Why Should You Apply For Easy Payday Loans?

Why Should You Apply For Easy Payday Loans?

January 17, 2023
Slick Cash Loans: Quick Solutions To Your Immediate Financial Needs

Slick Cash Loans: Quick Solutions To Your Immediate Financial Needs

December 17, 2022
No Credit Payday Loans In Minutes: Slick Cash Loans

No Credit Payday Loans In Minutes: Slick Cash Loans

December 14, 2022

New Trends Emerging in the B2B World

December 8, 2022
Finance

Why Should You Apply For Easy Payday Loans?

It might be challenging for most people to learn about payday loan benefits. These payday loans are specially designed for ...

January 17, 2023
Finance

Slick Cash Loans: Quick Solutions To Your Immediate Financial Needs

Sometimes more than the money we earn is needed. We need an extra push for some unexpected payments. We do ...

December 17, 2022
Finance

No Credit Payday Loans In Minutes: Slick Cash Loans

Payday loans are unsecured because they must be repaid within a month, depending on your next pay period. As the ...

December 14, 2022
Finance

New Trends Emerging in the B2B World

Businesses now more than ever are adopting new digital payment systems to simplify the payment process. Cash and checks are ...

December 8, 2022
Finance

Why Get Payday Loan From Slick Cash Loan?

In today’s world, meeting many expenses is a challenging task. You have no idea when an emergency would pop up, ...

December 8, 2022

Recent Posts

  • Why Should You Apply For Easy Payday Loans? January 14, 2023
  • Slick Cash Loans: Quick Solutions To Your Immediate Financial Needs December 17, 2022
  • No Credit Payday Loans In Minutes: Slick Cash Loans December 14, 2022
  • New Trends Emerging in the B2B World December 8, 2022
  • Why Get Payday Loan From Slick Cash Loan? December 8, 2022
  • How to Purchase Hero Bike Insurance Quickly Online? December 2, 2022

Archives

  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • November 2019
  • October 2019
  • US Markets
  • World Stock Market
  • Cryptocurrency
  • Economy

© 2020 Bleu Finance- All Rights Reserved.

No Result
View All Result
  • Home
  • Let us help

© 2020 Bleu Finance- All Rights Reserved.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In