WebApr 12, 2024 · Section 80C:Up to Rs. 1,50,000 for investments in financial products such as ELSS, PPF, EPF, NSC, NPS, home loan principal repayment, life insurance, etc. Section 80D: Up to Rs. 25,000 for health insurance premiums paid for self, spouse, and children. If you or your spouse or both are senior citizens, the maximum deduction allowed is Rs. 50,000. WebApr 11, 2024 · Similarly, under the new tax regime, taxpayers can claim the benefit of employer contributions to their National Pension System (NPS) account under section 80CCD(2) of the Income Tax Act.
Section 80C tax benefit not available on this type of home loan
WebApr 24, 2024 · If you have a home loan for an under construction property then it is possible to claim for tax deductions. A tax deduction up to ₹ 2 Lakhs on the interest payments made in a year and up to ₹ 1.5 Lakhs towards the principal amount made under Section 80C of the Income Tax Act. WebApr 7, 2024 · You can deduct $60 this year. Next year if you make all 12 payments, you will be able to deduct $240. 3. Property taxes. If you own property and pay taxes on it, you’re eligible for the property ... how does nike treat their customers
Opting for new tax regime? Here are a few deductions you can and …
WebSep 9, 2024 · Section 80C Under Section 80C, you can claim a tax deduction of up to Rs 1.50 lakh annually, on payment of home loan principal. Section 80C: Conditions Applicable on: Property construction and property purchase. Can be claimed against: Self-occupied, rented and deemed-to-be-rented properties. WebJul 8, 2024 · the income tax department allows home buyers to claim certain tax deductions on the home loan principal and interest repayment. the Sections of the Income Tax Act … WebFor example, home loan exemption in income tax. Deduction: Interest on loans for higher education for oneself or a relative are deductible from taxable income under Sections 80C, 80D, 80E, and 80G. Investments under Section 80C of income tax act are deductible up to Rs. 1,50,000, as are medical claims for oneself or one’s parents. photo of nancy pelosi husband