Budget in a Minute: What is 80C and 24B? Anil Singhvi explains how to save money through income tax exemptions on home loans!

We all have a dream to have our own house whether you buy it or construct it. Even the government wants you to have your own house. This is why there are a lot of income tax returns exemptions provided. Every Union Budget brings some changes with respect to these income tax returns exemptions. One of the most important sections is the Section 80C of the Income Tax Act

Budget in a Minute: What is 80C and 24B? Anil Singhvi explains how to save money through income tax exemptions on home loans!
Under Section 24B of the Income Tax Act, people who have taken home loan are entitled for income tax exemptions on the interest they pay on their home loan
Written By: ZeeBiz WebTeam
Edited By: Harish Dugh
Updated: Wed, Jan 27, 2021
10:20 am
New Delhi, ZeeBiz WebDesk
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We all have a dream to have our own house whether you buy it or construct it. Even the government wants you to have your own house. This is why there are a lot of income tax returns exemptions provided. Every Union Budget brings some changes with respect to these income tax returns exemptions. One of the most important sections is the Section 80C of the Income Tax Act.  

What is Section 80C? Anil Singhvi Explains! 

If you have taken a loan, then you get income tax returns exemptions on the repayment of principle amount up to Rs 1.5 lakh in a year. 

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What is Section 24B? Anil Singhvi Explains! 

Under Section 24B of the Income Tax Act, people who have taken home loan are entitled for income tax exemptions on the interest they pay on their home loan. The exemption on the interest component is up to Rs 2 lakh.  

There are a lot of benefits for the home buyers that the government gives on this aspect.

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