ffreedom app - Money (Tamil)'s video: Home Loan Tax Benefit in Tamil - 1 56

Start your Journey to Become Rich with IndianMoney's Financial Freedom App, Download here https://indianmoney.com/ffa/FmCws2Lt9D Home Loan Tax Benefit in Tamil - HOW TO MAXIMISE TAX SAVINGS ON HOME LOAN : If you are a salaried individual in the highest tax bracket of 31.2% (including cess, but excluding surcharge) you can reduce your tax outgo by as much as ₹1.56 lakh by claiming all the deductions available against repayment of a home loan. Deduction on principal 1. Under Section 80C, you can claim a deduction of up to ₹1.5 lakh on repayment of the principal component. 2. If you claim the full deduction, you would save up to ₹46,800 per annum. Deduction on interest Section 24(b): Under this Section, you can claim a deduction of up to ₹2 lakh. There are no restrictions related to the amount of loan taken or the value of the property. If you claim the full deduction, you will save up to ₹62,400 per annum. Section 80EE: This deduction is available only to first-time homebuyers. If so, you can claim an additional tax deduction of up to ₹50,000 per financial year under Section 80EE, provided you fulfill certain conditions: the loan should have been sanctioned during or after FY17, the amount should be less than ₹35 lakh and the value of the house should not exceed ₹50 lakh. If you claim the full amount, you will save up to ₹15,600 per year. Section 80EEA: This Section was introduced in Finance Bill 2019 and is available for claim from the assessment year 2020-21. You can claim up to ₹1.5 lakh under Section 80EEA. If you don't exhaust the entire interest payment component by claiming deduction under Section24(b), you can claim a deduction for the remaining interest paid under 80EEA provided you fulfill certain conditions: the loan should have been sanctioned during FY20, the stamp duty value of the house should not be more than ₹45 lakh and you should not own any other residential house on the date of the sanction of loan. If you make the full claim, you will save up to ₹46,800. Remember that if you claim deduction under this Section, then you won’t be eligible to claim deduction under Section 80EE. So the maximum amount that you can claim as a deduction against interest payment of the home loan is ₹3.5 lakh. -------------------------------------- To Register, Financial Freedom Workshop Click this link https://indianmoney.com/workshop or Leave a missed call on +91-8655097256 To Learn Money Everyday, Subscribe to our YouTube Channel - http://bit.ly/2PEBxzP and hit the :bell: icon to receive regular notifications. Check Credit Score for Free: http://bit.ly/2AtDvwu - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Learn Money in Tamil - http://bit.ly/2PEBxzP Learn Money in Kannada - http://bit.ly/2Qqhbtg Learn Money in Hindi - http://bit.ly/2zTtmtb Learn Money in Telugu - http://bit.ly/2Rti0Tq Learn Money in English - http://bit.ly/2CvaMKc - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - For Personal Loan, Education Loan, Business Loan, Home Loan, Credit Card, Insurance, Mutual Funds, Property and Tax Advice, JUST LEAVE A MISSED CALL ON IndianMoney.com Financial Education helpline no - Hello Folks, Welcome to IndianMoney.com YouTube Channel! Keep your Financial Cognizance Up to date with Wealth Doctor App. Download Now: https://goo.gl/zRgieJ Learn to SAVE, SPEND, INVEST and BORROW consciously by just subscribing to our IndianMoney.com channel http://bit.ly/2gjv2mu You can also visit us at You can also visit us at - http://indianmoney.com/ Like us on Facebook - https://bit.ly/36wtHPk Follow us on Twitter - https://bit.ly/2GmMcLI Add us on Google+ -https://bit.ly/3aORXjo Join our LinkedIn - https://bit.ly/2TWGVlQ Follow us on Instagram - https://bit.ly/36sPWpt Thanks for Watching! Be Wise, Get Rich! _savings _Benifits_2020 _Savings_salaried _benifits _is_tax _in_tamil _pay _Kannada _Sudheer