Claim deduction for Home Loan
Buying a home is a major financial goal for many. It often involves taking a home loan. A home loan is a long-term debt but comes with several tax benefits that can ease the financial load.
A home loan consists of two parts: the principal amount and the interest amount. Section 80C allows you to claim a deduction on the principal amount and section 24(b) allows you to claim a deduction on the interest amount under income from house property. Further, there are sections 80EE and 80EEA offer extra tax savings for first-time homebuyers.
Steps to Claim Deduction for Home Loan
- Navigate to File > Deductions
- Select Section 80CCE card
- Enter the principal amount paid during the year under Section 80C
If you still have any further queries, you can raise a ticket to get in touch with us.
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