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Buying a house or taking a home loan changes tax planning significantly under the Income Tax Act, 1961. Multiple provisions related to income from house property, home loan interest, principal repayment, and capital gains come into play. These benefits differ based on property usage, ownership structure, and the tax regime chosen. Understanding how Sections 22 to 27, 24(b), 80C, 80EE, and 80EEA interact is essential to avoid incorrect claims and maximise eligible deductions.

Loss from house property is a common scenario for taxpayers with home loans or multiple properties, especially when the interest payable exceeds rental income. The Income Tax Act, 1961 allows taxpayers to set off such losses against other heads of income, reducing the overall tax burden. However, the extent of this adjustment depends on the tax regime chosen and the nature of the income involved. With updates in the Income Tax Bill 2025, the rules for set-off and carry-forwar

Section 80EEA  of the Income Tax Act, 1961 provides an additional deduction of up to ₹1.5 lakh on home loan interest for first-time home buyers purchasing affordable housing. Introduced through the Finance Act, 2019, it extends beyond Section 24(b) benefits, encouraging residential ownership for middle-income earners. This provision supports the government’s “Housing for All” vision by making home loans more tax-efficient and promoting affordable housing among new buyers. Tab

Investing in a home is not only a significant financial milestone but also an opportunity to optimize tax savings. The Income Tax Act...

The choice between the old and new tax regimes has become increasingly important for salaried individuals and homeowners, especially with...

When it comes to co-owning a property, filing Income Tax Returns (ITR) can get complicated, especially when dealing with rental income....

Taxpayers often seek ways to reduce their taxable income, and one of the most beneficial sections of the Income Tax Act for homebuyers is...

Filing Income Tax Returns (ITR) requires careful attention to various deductions and exemptions, especially when dealing with interest...

When filing an Income Tax Return (ITR) , understanding the concept of losses is crucial to maximizing tax benefits. Among the various...

Section 24(b) of the Income Tax Act provides a significant tax benefit for individuals who have taken a home loan. It allows taxpayers...