Income Tax Calculator For Second Home Loan

You have to add rental income to your total income under the head income from house property as per section 24 of it act.

Income tax calculator for second home loan. Thus this tax saving calculator will help you in calculating the benefit that you can claim in the income tax by buying a home. 1 if you have taken a home loan for the second house you are eligible to claim a deduction for the interest you have paid. Your home loan can also help you to save taxes on your income. Every principal and interest payment made against your home loan can be claimed for deductions in your income tax.

Save tax on your income by taking a home loan. Income or loss from property rental income municipality tax standard deduction 30 interest paid. The loan amount was inr 12 lacs for a tenure of 10 years. Income tax benefit on second home loan as discussed above the second house is considered as let out whether it is actually rented out or not.

Me menon being in the 30 tax bracket is entitled to a deduction of rs 1 50 000 of the interest paid to service the housing loan under section 24 and rs 1 00 000 of the principal can be accounted for in the deductions claimed in section 80 c of the income tax act. However the amount of home loan available to you for all the properties taken together shall depend on various factors like your earnings age and your ability to service the loan. 1 5 lakh will be deductible under section 80c. Simply enter your home loan details and click on calculate and a detailed tabulation will pop up.

2 nd home loan tax benefit depends on a few factors. In 2008 rashi verma a human resource executive at an automobile firm applied for a home loan to purchase a house in mysore karnataka. The details you will generally need are. Additionally interest paid up to rs.

The type and amount of income tax deduction available against repayment of home loan is governed by applicable income tax laws of government of india. Suppose you already live in a property which you took on a loan. E g suppose your rented annual income from second property is rs. But before opting for second home one should keep in mind the tax implications under the income tax act 1961 of the second home.

The easiest way to calculate your tax benefits on home loan is by using an online calculator. Tax benefits on your home sweet second home. How to calculate tax benefits on home loan. So income or loss from the property will be.

2 lakh under section 24 will be deductible. Municipality tax is rs 2000 and you are paying rs 120000 as a home loan interest payment. The principal amount repaid up to rs.