{"id":12243,"date":"2023-08-28T17:19:09","date_gmt":"2023-08-28T17:19:09","guid":{"rendered":"\/blog\/?p=12243"},"modified":"2024-06-20T19:40:19","modified_gmt":"2024-06-20T14:10:19","slug":"how-to-show-interest-on-home-loan-in-your-income-tax-returns","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/loan-for-home\/how-to-show-interest-on-home-loan-in-your-income-tax-returns\/","title":{"rendered":"How to Show Interest on Home Loan in Your Income Tax Returns"},"content":{"rendered":"\n<p>It is that\ntime of the year again. You have to file your income tax returns. Did you know\nthat if you file a return on your&nbsp;home loan&nbsp;interest, you can be\neligible for deductibles up to Rs. 50,000? <\/p>\n\n\n\n<p>But, how do\nyou&nbsp;show interest on home loan in your income tax returns? The answer is\njust one extra step in your income tax filings.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Section 80EE for home loan deductibles<\/strong><\/h2>\n\n\n\n<p>All first-time\nhomeowners can use Section&nbsp;80EE&nbsp;in their income tax filings. This Rs.\n50,000 deduction is in addition to the already applicable Rs. 2 lakh limit\nunder the Income Tax Act. By filing under, you can get an annual deduction on\nyour home loan interest amount, and some much-needed relief on the&nbsp;tax on\nyour <a href=\"https:\/\/tata-blog.osian.dev\/home-loan.html\">home loan<\/a>.<\/p>\n\n\n\n<p>You can also\nlook into the benefits of Section 24 of the Income Tax Act. In case you qualify\nfor both, Section 80EE as well as Section 24, you may be eligible for a\ndeduction of up to Rs. 2.5 lakhs. You will keep receiving deductions until you\ncan repay the loan.<\/p>\n\n\n\n<p><strong>Additional Read:<\/strong> <a href=\"https:\/\/tata-blog.osian.dev\/blog\/home-loan\/everything-you-need-to-know-about-tax-benefit-on-home-loans\/\">Everything\nYou Need to Know About Home Loan Tax Benefit<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Conditions for eligibility<\/strong><\/h2>\n\n\n\n<p>There are certain\nconditions you must meet to be eligible for returns on your&nbsp;home loan\ninterest rate.&nbsp;They are:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The value of your home should be less than Rs. 50 lakhs<\/li>\n\n\n\n<li>The loan amount must not be more than Rs. 35 lakhs<\/li>\n\n\n\n<li>A government-recognized housing finance company or financial institution must sanction the loan.<\/li>\n\n\n\n<li>The date of the sanction must fall between 01-04-2016 and 31-03-2017<\/li>\n\n\n\n<li>You must not own any other residential property<\/li>\n\n\n\n<li>The property must be owned individually or jointly with a spouse<\/li>\n<\/ul>\n\n\n\n<p>If you qualify\nfor all the above conditions, congratulations! You are eligible for\nan&nbsp;80EE deduction.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How to apply for 80EE<\/strong><\/h2>\n\n\n\n<p>Now that you know everything about the deductions, how do you apply for it? It is a straightforward process:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Calculate\nthe amount of interest you owe for the given financial year<\/li>\n\n\n\n<li>Claim\ndeduction for Section 24 (Up to Rs. 2 lakhs)<\/li>\n\n\n\n<li>Further,\nclaim up to Rs. 50,000 <\/li>\n<\/ul>\n\n\n\n<p>If you are\nself-employed, you can directly file it with the Income Tax department. If you\nare a salaried individual, make sure you file it with your employer to avail\nthe full benefits of&nbsp;ITR on your home loan.&nbsp;&nbsp;Also, if you and\nyour spouse jointly own the home, both of you can file for deductions\nseparately.<\/p>\n\n\n\n<p><strong>Additional Read:<\/strong> <a href=\"https:\/\/tata-blog.osian.dev\/blog\/home-loan\/how-to-claim-tax-benefits-on-joint-home-loans\/\">How\nto Claim Tax Benefits on Joint Home Loans?<\/a><\/p>\n\n\n\n<p>One solution\nfor all your home loan needs<\/p>\n\n\n\n<p>The best way\nto make the most of your loan&nbsp;is to go for a bank with minimal interest\nrates. <\/p>\n\n\n\n<p>For easy home loans, visit Tata Capital and get access to <a href=\"https:\/\/tata-blog.osian.dev\/home-loan\/rates-and-charges.html\">home loan interest rates<\/a> starting at 8.5% with flexible repayment options. Apply for a loan with Tata Capital today, and own the home you deserve. <\/p>\n\n\n\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-vivid-cyan-blue-background-color has-background wp-element-button\" href=\"https:\/\/tata-blog.osian.dev\/home-loan.html\">Apply For House Loan<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>It is that time of the year again. You have to file your income tax returns. <\/p>\n<p><a href=\"https:\/\/tata-blog.osian.dev\/blog\/home-loan\/how-to-show-interest-on-home-loan-in-your-income-tax-returns\/\">Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":12244,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[25],"tags":[],"class_list":["post-12243","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loan-for-home"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.13 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to Show Interest on Home Loan in Your Income Tax Returns - Tata Capital Blog<\/title>\n<meta name=\"description\" content=\"Home Loan Tax Benefit - Get to know tax benefit on home loan interest. Read here to know how to show housing Loan interest and principal in Income Tax Return!\" \/>\n<meta name=\"robots\" content=\"noindex, nofollow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Show Interest on Home Loan in Your Income Tax Returns - Tata Capital Blog\" \/>\n<meta property=\"og:description\" content=\"Home Loan Tax Benefit - Get to know tax benefit on home loan interest. Read here to know how to show housing Loan interest and principal in Income Tax Return!\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.tatacapital.com\/blog\/loan-for-home\/how-to-show-interest-on-home-loan-in-your-income-tax-returns\/\" \/>\n<meta property=\"og:site_name\" content=\"TATA Capital Blog\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-28T17:19:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-20T14:10:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.tatacapital.com\/blog\/wp-content\/uploads\/2020\/10\/hl-in-your-income-tax-returns.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"770\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tata Capital\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tata Capital\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.tatacapital.com\/blog\/loan-for-home\/how-to-show-interest-on-home-loan-in-your-income-tax-returns\/\",\"url\":\"https:\/\/www.tatacapital.com\/blog\/loan-for-home\/how-to-show-interest-on-home-loan-in-your-income-tax-returns\/\",\"name\":\"How to Show Interest on Home Loan in Your Income Tax Returns - Tata Capital Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.tatacapital.com\/blog\/#website\"},\"datePublished\":\"2023-08-28T17:19:09+00:00\",\"dateModified\":\"2024-06-20T14:10:19+00:00\",\"author\":{\"@id\":\"https:\/\/www.tatacapital.com\/blog\/#\/schema\/person\/5ccf99347b9365e2fa68bd32006d0b4a\"},\"description\":\"Home Loan Tax Benefit - Get to know tax benefit on home loan interest. 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