Losses from rental income can only be set off against other income up to ₹2 lakh per year. It is not advisable to buy a property solely for tax benefits
Gold Price Today, December 5: Gold February's futures quoted Rs 53691 per 10 grams, up by 0.35 percent. Whereas Silver metal was trading at 0.84 percent and after crossing Rs 65,000 level. Get more Personal Finance News and Business News on Zee Business.
Synopsis
Here is a look at the all the tax benefits that an individual can get on home loan EMI payments if he/she has opted for the old tax regime.
Getty Images
If you have an on-going home loan or have taken a home loan recently, then there are certain tax benefits you can avail on the equated monthly instalments (EMIs) paid. There are additional tax benefits that were announced in previous budgets that are still applicable for FY 2020-21.
Do keep in mind that for the current financial year, an individual can continue to opt for the old tax regime and claim tax exemptions such as HRA and various deductions under sections 80C, 80D etc. The individual also has the option to opt for the new tax regime which offers lower tax rate without any tax exemptions and deductions.