Income Tax Exemption Financial Year 2021-22 as per Budget 2021. In F.Y 2021-22, there are two types of tax regimes for individuals and HF. A taxpayer can choose the old tax regime or the new tax system. Both these governments have some advantages and disadvantages. But if we talk about exemptions and rebates, it can be said that most general discounts and rebates are not available in the new tax regime. The new tax system has some great cuts like U/s 80CCD (2) etc.

Below is a list of discounts available on the old tax. 

80C - (80C, 80CC and 80CCD (1) together): - Maximum Rs. 1.5 Lack

Life insurance premium

PPF (Public Provident Fund) Investment 

.EPF (Employee Provident Fund)

. Five-year tax deposit in bank or post office

 (Post Office Sr. Citizen above 60 Years Savings Scheme)

Home Loan Principle:- Basic Home Basic Principles of Payment

Children's tuition fees

Deposit scheme in Sukanya Samrudhi account

You may also, like- Prepare at a time 50 Employees Form 16 Part A&B for the F.Y.2020-21 as per new and old tax regime

80CCC: - LIC. Any other life insurance company is considered for tax benefit for contributing to its anniversary plan or receiving a pension from the fund.

 

 

 

80CCD (1) Permitted to any person who credits his pension account (like NPS). Maximum discount allowed 10% of salary (in case of taxpayer employee) or 10% of total income (in case of taxpayer self-employment).

 

 

80 CCD (1B) Additional discount

Rs. 50,000 / -: - Amount deposited by a taxpayer in their NPS account. Contributions to the Atal Pension Scheme are also eligible

 

80D: - Mediclaim / Health Insurance Premium. Below 60 Years of Age Max Rs. 25,000 / - and Rs. 50,000 / - for Senior Citizens)

 

 

80EE: - Maximum limit Rs. 50,000 / - Homebuyers can claim an additional tax deduction of interest on the home loan. The following criteria must be met in order to claim a tax deduction under section

 

 

 

80 GG: - Contributions to specific relief funds and charities. This exemption gets only be claimed.  However, no discount is allowed for donations in excess of 2,000 in cash. Duplicate contributions such as food items, clothes, medicines, etc. are not eligible for exemption under the 80G section.

You may also, like- Prepare at a time 50 Employees Form 16 Part B for the F.Y.2020-21 as per new and old tax regime

 

 

80 TTA: - Maximum limit Rs.10, 000 / -

Under this section, interest can be claimed on savings certificates/deposits with banks, co-operative societies, or post offices. 80 TTA discount on the interest income from the physical deposit is not available 

 

80 TTB: - Maximum limit Rs. 50,000 / -

Interest on the savings bank account, fixed bank account, or post office deposit. Senior citizens can also enjoy this facility. 80TTA does not apply to senior citizens

 

24 (b): - Maximum limit 2 lakhs-2 Lacks

Housing interest is not on a paid basis (even if the ledger is booked on a cash basis). Discounts can be claimed for two or more accommodations.

 

87A: - Maximum limit Rs. 12,500 / -

This exemption is taxable on the total income of a resident if his total income does not exceed Rs. 500,000 / -

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On May 20, 2021 by www.taxexcel.net

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Tax benefits of home loan for F.Y2021-22. On February 1, 2021, in the Union Budget 2021, the government extended for another year an additional 1.5 Lakh tax deduction on interest paid on housing loans for the purchase of affordable housing. Thus, sorrow recipients can now avail discounts up to Rs.3/5 Lack for another one lakh, till March 31, 2022.

 

This exemption is available under section 80EEA which is Rs. 1.5 lakh has been paid on interest on the home loan. These home loan tax benefits are available on existing discounts and above Rs 2 lakh under section 24a (b).

You may also, like- Automated Income Tax Revised Form 16 Part B for the F.Y.2020-21 [This Excel Utility can prepare One by One Form 16 Part B]

You can claim to buy a house with a stamped price of only Rs. 25,000 / - for this home loan duty exemption. 45 lakh.

 

Homeowners can claim the benefits of the loan on March 31, 2022. Thus, the customers will be able to claim the maximum.

 

Income tax benefits under Section 80EEA is available for taking home loans under the PMEL CLSS scheme.

 

Some sections of the Income Tax Act that provide tax relief on home loans:

 

Sections in IT Act

Section 80C

Section 24

Section 80EE

 

The nature of home loan waiver in income tax

 

Tax exemption on original payment

Tax deduction on the amount of interest payable

Additional home loan interest tax benefits for first-time homeowners

The maximum amount of discount

RS. 1.5 lakh

RS. 2 lakh rupees

RS. 50,000

You may also, like- Automated Income Tax Revised Form 16 Part A&B and Part B for the F.Y.2020-21 [This Excel Utility can prepare One by One Form 16 Part A&B and Part B]

 

 

The Government of India extends these facilities as a kind of relief to the arrow recipients, making it more affordable.

 

Home Tax Duty Details:

To get a home loan, you need to pay a monthly rep as an EMI, which consists of two basic components -

 

The principal amount and interest payable. The IT Act enables the recipient to enjoy tax benefits on these two components

 

Individually.

1. Section 80C

The maximum home loan is Rs. 1.5 lakh from your taxable income on basic payment.

This may include stamp duty and registration charges as well, but can be claimed at once.

 

2. Section 24

Enjoy discounts up to a maximum of Rs 2 Lakh. The amount of interest payable is 2 lakh rupees.

These discounts only apply to properties whose construction is completed within 5 years. If it does not expire within this period, you can only claim up to Rs 2,000. 30,000

 

3. Section 80EE

First-time homeowners can claim an additional Rs 10,000. 50,000 on interest payable every financial year.

The amount of home Anne must not exceed 35 lakhs.

The value of the property must be in rupees. 50 lakh.

You may also, like- Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21 [This Excel Utility can prepare at a time 50 Employees Form 16 Part A&B]

 

Notice some more conditions:

A. Tax deductions only apply when the construction of the property is complete, or you are ready for a home.

B. Enjoy this tax benefit on home loans every year and save a significant amount.

 

C. If you sell the property within 5 years of its possession, the claimed benefits will be reversed and added to your income.

d. You can buy the property and rent it out. In that case, no maximum amount is applicable for claiming as home loan tax

Exemption

e. When you take out a home loan, you can claim tax benefits if you are currently renting another home

HRA as well.

 

What are the tax exemptions for joint homes?

 

In the case of a joint home loan, each borrower can avail of tax benefit on a joint home loan from his taxable income.

 

Individually. Anyone can claim a maximum of Rs 500. 2 lakh on interest paid and Rs. 1.5 lakhs in the original amount

 

Any family member, friend, or even a spouse can be multiple recipients of a joint home from the bank.

 

The only condition is that each applicant for a housing loan must be the co-owner of that residential property.

 

Does a second home have a home loan tax benefit?

 

If you take out a second home loan to buy another property, the tax benefits apply to the interest payable. Here,

 

You can claim the full amount of interest as no cap is applied here.

At present individuals can only claim one property as self-occupied and pay taxes on the basis of rent based on other considerations.

 

A proposal has been tabled under India's latest central budget to say that a person can claim a second home as self-occupied property. The goal is to help borrowers save more in the form of taxes.

You may also, like- Automated Income Tax Revised Form 16 Part B for the F.Y.2020-21 [This Excel Utility can prepare at a time 50 Employees Form 16 Part B]

 

How do you claim tax benefits at home?

 

The process of claiming tax benefits on a home loan are simple and easy.

1. The Property must be in the residential purpose is in your name. In the case of a joint home loan, be sure to co-own the home.

 

2. The total amount after calculation you can be entitled to a tax deduction.

 

3. Transfer home loan interest certificate to your employer so that he can adjust the IDS.

 

4. After failing to follow this step, you will need to file your IT return.

Self-employed sorrow recipients are not required to submit these documents. If any questions arise in the future, they must provide them with this.

 

How does a home loan help with income tax?

 

Home loan repayment rescheduling is eligible for tax exemption under the Income Tax Act, 1961.

 

Loan interest up to Rs. 2 lakhs per annum is tax-deductible for 24-year-olds. Section 80C allows exemption against payment of principal up to Rs. 1.5 lakhs per annum.

Additional discounts u / s 80EE and 80EEA is available.

 

What is the maximum amount of tax deduction for a home loan?

 

The maximum tax-exempt income tax for home loans is listed below under certain sections of the Income-tax Act, 1961.

 

Up to Rs.2 lack U/s 24 (b) for the self-acquired house; Self-occupied homes have no boundaries.

 

RS.1.5 lakh U / S Home loan principal amount.

 

80EEA up to Rs 1.5 lakh for first-time home buyers. (Home Loan Interest)

 

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On May 18, 2021 by www.taxexcel.net

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