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Explained: How You Can Save Up To Rs 5 Lakh In Taxes Every Year When Buying A New Home

The article from Republic World explains how individuals can save up to Rs 5 lakh in taxes annually by investing in a new home, leveraging various sections of the Income Tax Act. Under Section 24, homeowners can claim a deduction of up to Rs 2 lakh on the interest paid on home loans, while Section 80C allows a deduction of up to Rs 1.5 lakh on the principal repayment. Additionally, first-time homebuyers can benefit from Section 80EEA, which provides an extra deduction of up to Rs 1.5 lakh on home loan interest, provided the property's stamp duty value does not exceed Rs 45 lakh and the loan was sanctioned between April 1, 2019, and March 31, 2022. By strategically using these tax benefits, buyers can significantly reduce their tax liabilities when purchasing a new home.

Read the Full RepublicWorld Article at:
[ https://www.republicworld.com/business/explained-how-you-can-save-up-to-rs-5-lakh-in-taxes-every-year-when-buying-a-new-home ]