How to get maximum Home Loan Tax Benefit in India for 2022
Section 80C: The tax benefit of a Home Loan (Principal amount) Section 80C allows for tax deductions on amounts paid by individuals as principal amount of home loan. Section 80C permits a maximum tax deduction in the amount of Rs. 1,50,000. This tax deduction represents the sum of all the deductions allowed under Section 80C. It includes amounts invested in PPF account, Tax Saving Fixed deposits, Equity Oriented Mutual fund, National Savings Certificate, Senior Citizens Saving Scheme, etc. No matter the year the payment was made, this tax deduction under Section 80C can be taken on a monthly basis. Tax deductions under Section 80C are also available for amounts paid in Stamp Duty or Registration Fee, even if the Assessee does not have a Loan. This section covers principal home loan repayments but tax benefits are only available to home loans that have been constructed and awarded a completion certificate. For the years when the property was still under constr