Home Loan Interest

Budget 2025 is around the corner, and taxpayers are eagerly waiting for potential income tax changes! Should you stick to the old tax regime with deductions or switch to the new simplified structure? We break down the latest slabs, tax rates, and savings for different income levels. Watch now to find out which regime is best for you!

Tax-saving: Exemptions you can claim under the new and old tax regimes

The new tax regime has done away with over 70 exemptions under the old tax regime. However, this does not mean that the new regime does not offer any benefit. Here are some key tax breaks that you can claim even under the new regime, which is the default system 2023-24 onwards.

No hike in home loan interest deduction limit in Interim Budget 2024

Under section 24(b) of the Income Tax Act, home loan borrowers can claim deduction of up to Rs 2 lakh per annum for interest paid on a home loan.

New tax regime vs old tax regime - deductions and exemptions allowed under both the regimes

You can claim deduction for home loan interest, but only on a rented property, and not as much as under the old regime. Gratuity is tax-exempt up to Rs 20 lakh and leave encashment up to Rs 25 lakh for non-government employees under the new and the old tax regimes.

Income-tax deductions on home loans made easy: Part 2

Yes, you can avail of some tax benefits on a home loan if you borrow the money from family, friends on new-age lenders. Read on to find out how and to learn more about other tax benefits on home loans.

Income-tax deductions on home loans made easy: Part 1

You need to be a co-owner as well as co-borrower to claim a tax deduction against a home loan. Further a deduction cannot be more than the amount of your contribution. Read on to find out what other rules govern home loan deductions.

Budgets 2019: Take note of key provisions that bring pain and relief

This year was unique, since a number of provisions in both the Budgets (in February and in July) have significantly impacted taxpayers

Budget 2019: Home Loans Interest exemption increased for affordable homes

Houses costing less than Rs 45 lakh can get the benefit

Budget 2019: Income tax changes middle-class wants from FM Nirmala Sitharaman

Increase in basic exemption limits, enhancement in home loan interest deduction and easing of the tax filing process are eagerly awaited

Rs 2 lakhs cap on interest deduction: How it impacts property investors

Earlier, whatever interest that a borrower paid against a housing loan, was allowed to be completely adjusted from the income, as a deduction. Now, this deduction has been capped to Rs 2 lakhs and &#82

Budget 2017: What benefit does it bring to various stakeholders?

Developers The union budget provided a significant boost for affordable housing, by granting it an industry status and all the listed real estate stocks reacted positively. However, whether these incentives will entice the developers &#82

Government rules out tax incentive beyond Rs 2 lakhs, for second home

Stating that the tax incentive for second home loan borrowers is being virtually misused, revenue secretary Hasmukh Adhia, on February 4, 2017, citing limited resources, said that it was prudent to subsidise first-time buyers &#82