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ITR filing: If you have a home loan, here are tax benefits that can help you in reducing tax liability.
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.