💨 Abstract

A housing loan in India offers tax benefits under various sections of the Income Tax Act, 1961. Section 24(b) allows a maximum deduction of up to Rs.2 Lakh per annum on interest paid on a self-occupied property, provided the property is completed within 5 years of taking the loan. Section 80C allows a deduction on the principal component of the housing loan, up to Rs.1.5

Courtesy: theprint.in

Summarized by Einstein Beta 🤖