Home Loan Tax Calculator
Are you looking for ways to save on your housing finances? Principal and interest payments made through home loans can be claimed as deductions in your income tax. Use our home loan tax saving calculator online to get a better estimate of your savings.
The amount and type of deduction available against the repayment of your home loan are governed by applicable income tax laws by the Government of India (Under Section 24, Section 80C, and Section 80EE of the Income Tax Act.)
Maximize your take-home salary by calculating your reserves using a home loan tax saving calculator online. Map your long term investments with proper tax planning by following the steps below:
- Enter the year to be assessed
- Enter the total taxable income
- Enter the principal repayment on loan
- Enter interest paid on fully constructed property
- Select the right segment details and calculate your tax savings
FREQUENTLY ASKED QUESTIONS
Why do I need a home loan tax calculator?
One of the ways of saving money is through income tax returns on house property. Lenders have programmed a home loan tax saving calculator which you can easily use to get a clear estimate of tax liabilities before and after taking a home loan.
Can I use any tax calculator online to check my returns?
There are different sections of the Income Tax Act, with different criteria to avail the benefits. A tax saving calculator is coded according to those parameters to compute your tax returns. You will need to choose the tax calculator according to what you want to calculate.
What are the benefits of using a tax calculator online?
Tax planning is an effective way of saving and investing your money. Effective tax planning strategies help you stay more financially secure. By using a home loan tax saving calculator, you can make the right investments in tune with your financial capacity.