Tax Benefits on Home Loans for Salaried Employees in India 🏡💰
Buying a home is a dream for many salaried employees in India. However, the high property prices make home loans an essential part of achieving this goal. The good news is that the government provides several tax benefits on home loans, helping you save a significant amount of money every year! 🤑✨ In this blog, we’ll explore the various tax deductions available on home loans and how you can maximize your tax savings. Let's dive in! 🚀 --- ## **1️⃣ Tax Deductions on Principal Repayment - Section 80C** Under **Section 80C** of the **Income Tax Act, 1961**, you can claim a deduction on the **principal repayment** of your home loan. Here are the key details: ✅ **Maximum Deduction**: ₹1,50,000 per financial year ✅ **Applicable for**: Home loans taken for purchase or construction of a **residential property** ✅ **Conditions**: - The property **must not be sold** within 5 years of possession 🚫🏠 - The deduction...