{"id":572,"date":"2018-08-03T09:55:27","date_gmt":"2018-08-03T09:55:27","guid":{"rendered":"https:\/\/koltepatil.com\/blog\/?p=572"},"modified":"2026-03-29T04:35:05","modified_gmt":"2026-03-29T04:35:05","slug":"first-time-home-buyers-avail-lucrative-tax-benefits-when-you-purchase-your-first-home","status":"publish","type":"post","link":"https:\/\/www.koltepatil.com\/blog\/2018\/08\/03\/first-time-home-buyers-avail-lucrative-tax-benefits-when-you-purchase-your-first-home\/","title":{"rendered":"First-Time Home Buyers, Avail Lucrative Tax Benefits When You Purchase Your First Home"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_77 ez-toc-wrap-left-text counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Content<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd9933;color:#dd9933\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd9933;color:#dd9933\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"#\" data-href=\"https:\/\/www.koltepatil.com\/blog\/2018\/08\/03\/first-time-home-buyers-avail-lucrative-tax-benefits-when-you-purchase-your-first-home\/#Tax_Benefits_Every_First-Time_Home_Buyer_Should_Know\" >Tax Benefits Every First-Time Home Buyer Should Know<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"#\" data-href=\"https:\/\/www.koltepatil.com\/blog\/2018\/08\/03\/first-time-home-buyers-avail-lucrative-tax-benefits-when-you-purchase-your-first-home\/#How_to_Claim_These_Deductions\" >How to Claim These Deductions<\/a><\/li><\/ul><\/nav><\/div>\n<div id=\"bsf_rt_marker\"><\/div>\n<p>One of the greatest advantages that a <strong>first-time home buyer<\/strong> has is in terms of the lucrative <strong>tax<\/strong> benefits available under Indian income tax laws. These deductions can significantly reduce your overall cost of owning a home.<\/p>\n\n\n\n<p>A good home loan works in an easy and efficient manner to help you own the home of your dreams. And while there are many ways to go about finding a home loan that works best for you, it is important to be aware of the several tax concessions that you can avail of while repaying the home loan.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tax_Benefits_Every_First-Time_Home_Buyer_Should_Know\"><\/span>Tax Benefits Every First-Time Home Buyer Should Know<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong><span class=\"has-inline-color has-black-color\">There are three sections of the Income Tax Act under which the taxpayer can avail of benefits on a home loan.<\/span><\/strong><\/p>\n\n\n\n<p>\u2022 Section 80C<\/p>\n\n\n\n<p>\u2022 Section 24<\/p>\n\n\n\n<p>\u2022Section 80EE<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_to_Claim_These_Deductions\"><\/span>How to Claim These Deductions<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-luminous-vivid-amber-color\"><strong>\u00b7 When you are a first-time homebuyer:<\/strong> <\/mark><br><br>Under Section 80EE, you can claim special tax benefits if you are a first-time homebuyer and if the property has been purchased for residential purposes. The government gives a tax benefit of Rs 2.4 lakh to first-time homebuyers with taxable income below Rs 18 lakh per annum. This has served as a game&nbsp;charger for the housing sector in India.<\/p>\n\n\n\n<p><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-luminous-vivid-amber-color\"><strong>. Home loan repayment with EMI plan:<\/strong> <\/mark><br><br>You can claim tax benefits on both the principal amount repaid as well as on the interest amount, under Section 80C and Section 24 respectively. Stamp duty charges, registration charges and the processing fees of the home loan are also eligible for tax deductions.<\/p>\n\n\n\n<p><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-luminous-vivid-amber-color\"><strong>. When the home is self-occupied, or jointly owned:<\/strong> <\/mark><br><br>When the property is self-occupied, the interest paid on loan is eligible for deduction up to Rs. 2 lakh under Section 24. The principal amount repayment of up to Rs. 1, 50,000 is eligible for deduction under Section 80C. When the home is jointly owned, you and the co-owner can claim separate tax deductions in your respective ITR.<\/p>\n\n\n\n<p><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-luminous-vivid-amber-color\"><strong>\u00b7 When the property has been leased out:<\/strong> <\/mark><\/p>\n\n\n\n<p>In this case, the principal amount repaid remains unaffected, but the interest amount paid can be completely claimed as tax deduction. Property that has been let-out can claim the deduction\u2014without any limit&#8211; for any loan taken for the purpose of repairs, renewal&nbsp;and reconstruction.<\/p>\n\n\n\n<p>Explore more <a href=\"https:\/\/www.koltepatil.com\/pune\">Kolte-Patil projects in Pune<\/a>. Verify RERA registration details on the <a href=\"https:\/\/maharera.maharashtra.gov.in\/\" target=\"_blank\" rel=\"noopener\">MahaRERA<\/a> official website.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>One of the greatest advantages that a first-time home buyer has is in terms of the lucrative tax benefits available under Indian income tax laws. These deductions can significantly reduce<a class=\"read-more\" href=\"https:\/\/www.koltepatil.com\/blog\/2018\/08\/03\/first-time-home-buyers-avail-lucrative-tax-benefits-when-you-purchase-your-first-home\/\">Read More<\/a><\/p>\n","protected":false},"author":3,"featured_media":573,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[54,51],"tags":[],"class_list":["post-572","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-home-buying-process","category-rera"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>First-Time Home Buyer Tax Benefits in India | Kolte-Patil<\/title>\n<meta name=\"description\" content=\"First-time home buyer? Discover the tax benefits available to you under Indian law. 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