Tax benefits on home loan that you can avail ahead of ITR filing

A home loan or housing loan availed to buy a property can help taxpayers save money every year. In fact, a lot of taxpayers are not fully aware of home loan advantages while filing income tax returns — the due date for which falls on July 31 for filing ITRs for the financial year 2021-2022.

Under several sections of income tax laws, a home loan or housing loan can be used to avail following deductions from the total income:

All homebuyers can claim a deduction of up to Rs 2 lakh under the head ‘House property’, said Ruchika Bhagat, MD, Neeraj Bhagat & Co. In the case of a let-out property, i.e., the interest is waived off.