For one self-occupied property, you can claim interest benefits upto a limit of Rs 2 lakhs, in case of each of the joint owners. For home loan repayment, each co-borrower can claim tax benefits under Section 80C, upto Rs 1.50 lakhs every year, together with other eligible items. So, you will get the tax benefits on the home loan, in the ratio
A self-occupied house gives you two avenues of saving taxes which are the payment of interest and repayment of principal. You can get Rs.2 lakh deduction under section 24b of the Income-tax Act, 1961 on interest payment and Rs.1.5 lakh on principal repayment under section 80C.
I f you have taken a loan to purchase your Self occupied property, you are eligible for few income tax benefits/tax deductions under old tax regime (only) for FY 2023-24. The Interest payable on home loan of a ‘ self – occupied ‘ property ‘ can be claimed as tax deduction. Under Section 24 (b) of The Income Tax Act. Apart from getting deduction up to Rs 2 lakh from the taxable income under Section 24 of the Income Tax Act, purchasers of affordable housing are eligible for the additional tax deduction of Rs 1. The old regime with its higher tax rates is for those committed to various tax-saving measures. A home loan is one of the easiest ways to get sizeable tax deductions. All taxpayers are eligible PjQHK2.home loan benefits in income tax
