What Can You Write Off When You - Buy A House

Depending on when your loan was sanctioned (e.g., Sections 80EE or 80EEA), you might be able to claim an extra ₹50,000 to ₹1.5 lakh in interest beyond the standard ₹2 lakh limit.

Tax Benefits for First-Time Home Buyers in India - Axis Bank what can you write off when you buy a house

Any local property taxes you pay during the year can be deducted from your rental income before calculating the taxable amount. Depending on when your loan was sanctioned (e

You can automatically deduct 30% of your Net Annual Value (rental income minus municipal taxes) for repairs and maintenance, regardless of how much you actually spent. If you buy with a spouse and both

If you buy with a spouse and both are co-borrowers, you can double your benefits . Each person can claim up to ₹2 lakh for interest and ₹1.5 lakh for principal separately. 3. Perks for First-Time Buyers

Most homeowners focus on these two primary sections to save on their annual taxes: