Income Tax Benefits on Home Loan 2024 | home loan tax benefit India
You can realise your dream to live in your home by availing an affordable home loan. You can borrow a home loan to meet your overall budget of buying your dream home. Home loan provides you not only the satisfaction of living in your own home, but it also comes with multiple tax benefits. As per the budget of 2017-18 Home loan upto Rs. 25 lakhs will be allowed additional deduction of interest of Rs. 1 lakh.
For Example: If you can take a home loan of Rs.25 lacs at 10% rate of interest for 20 years. you paid Rs.32,90,129.6 as Interest in 20 years.
Illustration is Given below for how much you have to pay TAX if your salary is 5 lac, 10 lac & 15 lac Basis.
Income tax Calculated on the basis of
- Salary 0 – 5 lacs
- Salary 5-10 lacs (Income tax 20%)
- Salary Above 10 lacs (Income tax 30%)
|
Calculation as Per (5 lac salary) |
Calculation as per 10 lac salary |
Calculation as Per 12 lac salary |
|||||||
|
Year |
Principal Amount |
Interest |
Balance Amount |
Taxable Income After Interest |
Interest Pay 10% – Rs. 2000 |
Taxable Income After Interest |
Interest Pay 20% |
Taxable Income After Interest |
Interest Pay 30% |
|
1 |
Rs. 41,376 |
248136 |
2458624 |
51864 |
3186 |
551864 |
110372.8 |
751864 |
225559.2 |
|
2 |
45706 |
243806 |
2412918 |
56194 |
3619 |
556194 |
111238.8 |
756194 |
226858.2 |
|
3 |
Rs. 50,494 |
239,018 |
Rs. 2,362,424 |
60982 |
4098 |
560982 |
112196.4 |
760982 |
228294.6 |
|
4 |
Rs. 55,779 |
233,733 |
Rs. 2,306,645 |
66267 |
4626.7 |
566,267 |
113253.4 |
766267 |
229880.1 |
|
5 |
Rs. 61,621 |
227,891 |
Rs. 2,245,024 |
72109 |
5210.9 |
572109 |
114421.8 |
772109 |
231632.7 |
|
6 |
Rs. 68,072 |
221,440 |
Rs. 2,176,952 |
78560 |
5856 |
578560 |
115712 |
778560 |
233568 |
|
7 |
Rs. 75,204 |
214,308 |
Rs. 2,101,748 |
85692 |
6569.2 |
585692 |
117138.4 |
785692 |
235707.6 |
|
8 |
Rs. 83,077 |
206,435 |
Rs. 2,018,671 |
93565 |
7356.5 |
593565 |
118713 |
793565 |
238069.5 |
|
9 |
Rs. 91,777 |
197,735 |
Rs. 1,926,894 |
102265 |
8226.5 |
602265 |
120453 |
802265 |
240679.5 |
|
10 |
Rs. 101,386 |
188,126 |
Rs. 1,825,508 |
111874 |
9187.4 |
611874 |
122374.8 |
811874 |
243562.2 |
|
11 |
Rs. 112,002 |
177,510 |
Rs. 1,713,506 |
122490 |
10249 |
622490 |
124498 |
822490 |
246747 |
|
12 |
Rs. 123,731 |
165,781 |
Rs. 1,589,775 |
134219 |
11421.9 |
634219 |
126843.8 |
834219 |
250265.7 |
|
13 |
Rs. 136,688 |
152,824 |
Rs. 1,453,087 |
147176 |
12717.6 |
647176 |
129435.2 |
847176 |
254152.8 |
|
14 |
Rs. 151,001 |
138,511 |
Rs. 1,302,086 |
161489 |
14148.9 |
661489 |
132297.8 |
861489 |
258446.7 |
|
15 |
Rs. 166,811 |
122,701 |
Rs. 1,135,275 |
177299 |
15729.9 |
677299 |
135459.8 |
877299 |
263189.7 |
|
16 |
Rs. 184,279 |
105,233 |
Rs. 950,996 |
194767 |
17476.7 |
694767 |
138953.4 |
894767 |
268430.1 |
|
17 |
Rs. 203,574 |
85,938 |
Rs. 747,422 |
214062 |
19406.2 |
714062 |
142812.4 |
914062 |
274218.6 |
|
18 |
Rs. 224,892 |
64,620 |
Rs. 522,530 |
235380 |
21538 |
735380 |
147076 |
935380 |
280614 |
|
19 |
Rs. 248,440 |
41,072 |
Rs. 274,090 |
258928 |
23892.8 |
758928 |
151785.6 |
958928 |
287678.4 |
|
20 |
Rs. 274,286 |
15,056 |
Rs. 0 |
284944 |
26494.4 |
784944 |
156988.8 |
984944 |
295483.2 |
