I couldn’t figure out a lot of things when I availed a home loan last year. Apart from the charges that need to be paid, my concern was
will HDFC deduct TDS and give the home loan. I did not know when it would be deducted so asked the bank officials about it. Let me share details about the TDS deduction on home loan that I learned from him.
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Which sections state Tax deductions on a home loan?The home loan consists of both principal repayments and interest payments. Deductions on both can be availed as per Section 80C and Section 24(b) of the Income Tax.
The
TDS deduction on HDFC home loan is as follows
| Section | Nature of Tax Deduction | Maximum Deduction |
Section 80C |
Deduction on Principal Repayment |
Up to Rs.1,50,000 |
Section 24B |
Deduction on Interest Paid |
Up to Rs.2,00,000 |
Section 26 read with Section 24 |
Deduction on Home Loan for Joint Owners |
Up to Rs.2,00,000 respectively for each of the joint borrowers who are co-borrowers |
The buyer is responsible to deduct the TDS. If it is made through Home Loan- the TDS gets deducted during the payment to the seller. The TDS that is deducted is 1% of all payments made while purchasing the property.
In short, to answer the question
will HDFC deduct TDS and give the home loan, the answer is Yes.
Read More:How to calculate home loan eligibility in HDFC?
What are HDFC Home Loan reviews?
How to check home loan balance in HDFC?
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Will HDFC Deduct TDS and Give the Home Loan?
Ryan
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3 Year
2022-12-29T22:05:38+00:00 2023-09-21T15:50:23+00:00Comment
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