{"id":7338,"date":"2023-08-28T12:13:11","date_gmt":"2023-08-28T12:13:11","guid":{"rendered":"\/blog\/?p=7338"},"modified":"2024-07-02T20:09:15","modified_gmt":"2024-07-02T14:39:15","slug":"income-tax-benefits-on-home-loan-for-the-year-2020","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/loan-for-home\/income-tax-benefits-on-home-loan-for-the-year-2020\/","title":{"rendered":"Income Tax Benefits on Home Loan for the Year 2020"},"content":{"rendered":"\n<p>With the central\ngovernment budget to be unveiled on the 31st of January 2020, taxpayers are\nhoping for an announcement of increased concessions on the housing finance\nfront. The budget of 2019-20 had proposed to hike the tax deductions from Rs. 1.5\nlakh to 3.5 lakhs annually for houses costing up to Rs. 45 lakhs. This scheme\nwas proposed to realize the government\u2019s objective of affordable housing for\nall.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Tax Benefits on Housing\nLoans for 2019-20<\/strong><\/h2>\n\n\n\n<p>The government of India encourages its citizens to buy a house instead of renting one, which is why it makes provisions for relief in income tax, especially if individuals avail of a housing loan. These tax benefits are applicable through 4 sections, namely, Section 80 EEA, 80EE, 24 and 80C. Let us look at the current deductions taxpayers can avail if they take a <a href=\"https:\/\/tata-blog.osian.dev\/home-loan.html\">home loan<\/a>.&nbsp;&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>  <strong>Section<\/strong>   <\/td><td> <strong>Tax Deduction   Component<\/strong>   <\/td><td>  <strong>Maximum Deduction<\/strong>   <\/td><\/tr><tr><td> 80 EEA   <\/td><td> Applicable on home loan interest amount only   <\/td><td>Up to Rs. 1,50,000 (over and above Section 24, 80   EE &amp; 80C)   <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Eligibility Criteria\nfor Section 80EEA<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Applicable to first\ntime home buyers who purchase a home under the Affordable Housing Scheme <\/li>\n\n\n\n<li>An applicant cannot\nalready have another owned property on the date of loan sanction<\/li>\n\n\n\n<li>An applicant cannot\nbe the owner of a company, partnership firm, HUF, AOP, etc.<\/li>\n\n\n\n<li>An applicant cannot\npurchase a house for over Rs. 45,00,000 all-inclusive<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>\n  <strong>Section<\/strong>\n  <\/td><td>  <strong>Tax Deduction   Component<\/strong>   <\/td><td>  <strong>Maximum Deduction<\/strong>   <\/td><\/tr><tr><td> 80 EE   <\/td><td> Applicable on home loan additional interest amount only   <\/td><td> Up to Rs. 50,000 (over &amp; above Section 24, 80C,   80EE)   <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Eligibility Criteria\nfor Section 80EE<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>An Applicant has to be\na first-time home buyer <\/li>\n\n\n\n<li>An applicant does not\nneed to reside in the same property <\/li>\n\n\n\n<li>An applicant cannot\nbe the owner of a company, partnership firm, HUF, AOP, etc.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>\n  <strong>Section<\/strong>\n  <\/td><td>  <strong>Tax Deduction   Component<\/strong>   <\/td><td> <strong>Maximum Deduction<\/strong>   <\/td><\/tr><tr><td>\n  24\n  <\/td><td> Applicable on home loan interest amount only   <\/td><td>Up to Rs. 2,00,000 (over and above Section 80C)   <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Eligibility Criteria\nfor Section 24<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Applicable to all\ncitizens that own one or more than one property &nbsp;<\/li>\n\n\n\n<li>An applicant does not\nneed to reside in the same property <\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>\n  <strong>Section<\/strong>\n  <\/td><td> <strong>Tax Deduction   Component<\/strong>   <\/td><td> <strong>Maximum Deduction<\/strong>   <\/td><\/tr><tr><td>\n  80C\n  <\/td><td>Applicable on principal amount including   registration fee and stamp duty   <\/td><td>Up to Rs. 1,50,000 (fully taxable if already   invested in other 80C tools   <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>Additional Read<\/strong>:- <a title=\"How will Budget 2020 Affect the Real Estate Sector?\" href=\"https:\/\/tata-blog.osian.dev\/blog\/home-loan\/how-will-budget-2020-affect-the-real-estate-sector\/\">How will Budget 2020 Affect the Real Estate Sector? <\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Eligibility Criteria\nfor Section 80C<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Applicable to all\ncitizens that own one or more than one property&nbsp;\n<\/li>\n\n\n\n<li>An applicant does not\nneed to reside in the same property <\/li>\n\n\n\n<li>An applicant can only\navail a deduction of Rs. 30,000 if the property has been under construction for\nover 5 years<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Expected Tax benefits\non Housing Loans for 2020-21<\/strong><\/h2>\n\n\n\n<p>The aforementioned sections for home loan tax benefits are already in place in 2020 and are most likely to continue going forward this year. However, the Modi Government is expected to relax the eligibility criteria for available tax rebates under Section 80 EEA. The exact pointers on the revision of the eligibility criteria will be known soon. <\/p>\n\n\n\n<p>It is also being predicted that the property\npurchase limit will be hiked in metro cities only, from the current value of Rs.\n45 lakhs to Rs. 65 lakhs, to avail of 80EEA. The predicted relaxation will especially\nhelp people that belong to the middle-income groups. <\/p>\n\n\n\n<p>The predictions also insist on increasing the\ndeadline for availing the tax rebate under section 80EEA only. Presently, those\nwho have taken or will be taking a loan in the financial year of 2019-2020 are\neligible for tax rebate under this section. The deadline is being reconsidered\nfrom 31<sup>st<\/sup> March 2020 to 31<sup>st<\/sup> March 2022.<\/p>\n\n\n\n<p><strong>Additional Read<\/strong>: <a href=\"https:\/\/tata-blog.osian.dev\/blog\/home-loan\/guide-for-claiming-tax-benefit-on-your-second-home-loan\/\">Guide For Claiming Tax Benefits on Home Loan<\/a>  <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Final Thoughts<\/strong><\/h2>\n\n\n\n<p>Investing in buying a home is better than renting one. This is why the government also offers several tax benefits on housing finance. Buy your dream home by taking a home loan with Tata Capital. We provide competitive home loan interest rates that allow you to avail of the home loan tax benefits on your income. Log on to our website and check your <a href=\"https:\/\/tata-blog.osian.dev\/home-loan\/home-loan-eligibility-calculator.html\">home loan eligibility<\/a> with the help of our home loan calculator. Our EMI calculator for home loan saves you time and is reliable. Simply, input the loan amount, rate of interest and loan tenure in the <a href=\"https:\/\/tata-blog.osian.dev\/home-loan\/emi-calculator.html\">home loan EMI calculator<\/a> to find out your payable interest amount.&nbsp;  <\/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 Home Loan<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>With the central government budget to be unveiled on the 31st of January 2020, taxpayers are hoping for an announcement of increased concessions on the housing finance front.  <\/p>\n<p><a href=\"https:\/\/tata-blog.osian.dev\/blog\/home-loan\/income-tax-benefits-on-home-loan-for-the-year-2020\/\">Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":7339,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[25],"tags":[],"class_list":["post-7338","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>Tax Benefits on Home loan in 2020 - Tata Capital Blog<\/title>\n<meta name=\"description\" content=\"Check out the Income Tax benefits you get on availing a home loan and what are the steps to claim the tax benefit. Get to know more details about the home loan tax benefit!\" \/>\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=\"Tax Benefits on Home loan in 2020 - Tata Capital Blog\" \/>\n<meta property=\"og:description\" content=\"Check out the Income Tax benefits you get on availing a home loan and what are the steps to claim the tax benefit. 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