A home loan borrower can claim Income Tax exemption on interest payments of up to Rs 2 lakh and another Rs 1.5 lakh under Section 80 C towards the principal repayment for a Self-occupied property.. However, you cannot seek these tax benefits in the pre-construction phase (i.e. no tax deductions available for an under construction house), even if you have started repaying the housing loan.
Interest on construction loan – is it deductible. – Interest on construction loan – is it deductible?. it sounds like the interest on creating capital is not tax deductible, and construction could ve argue as capital creation even with intention to rent out the property so based on this case, it wont be tax deductible during construction. Am.
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The deduction amount includes the interest you pay on your mortgage, home equity loan, home equity line of credit (HELOC) or mortgage refinance. If you took on the debt before Dec. 15, 2017, you can deduct interest on $1 million worth of qualified loans for married couples and $500,000 for those filing separately for the 2018 tax year.
The deduction for interest has been under some pressure lately. In particular, the Tax Cuts and Jobs Act (P.L. 115-97) recently amended.
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Student Loans. The amount is classified as an adjustment to income, and is claimed regardless of whether or not a taxpayer itemizes deductions on his tax return. The interest must be on a "qualified" student loan, which is one used to pay for qualified education expenses. The loan covers the costs for attending an eligible educational institution,
The Tax Cuts and Jobs Act of 2017, enacted Dec. 22, suspends from 2018 until 2026 the deduction for interest paid on home equity loans and lines of credit, unless they are used to buy, build or substantially improve the taxpayer’s home that secures the loan.