- In her first Union Budget speech, Finance Minister Nirmala Sitharaman has announced an additional tax deduction of Rs 1.5 lakh for interest payments on home loans.
- This is a welcome announcement, but there are limitations in this deduction that will prevent borrowers from getting full value out of the revised deduction limit.
- Most homeowners will testify that the interest component of their home loan is tough on their finances.
- At the start of your home loan tenure, a large part of your EMIs goes towards interest. Earlier, Section 24B of the Income Tax Act allowed you a deduction of up to Rs 2 lakh per year on home loan interest.
- Now, this limit has been raised to Rs 3.5 lakh provided the property value is up to Rs 45 lakh and the home loan has been obtained by March 31, 2020.
Get more details here: Intraday stock tips, Financial Advisory Company ,Derivative Free Trial,Stock tipsCall on:9977499927* Investment & Trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
No comments:
Post a Comment