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Your Guide To Tax Benefits On Loans Against Property

You can claim tax benefits on the principal repayments under section 80C for home loans, but not for Loan against Property. This is because, a home loan can be used only for the purpose of buying a home or renovating one, while funds from a loan against property can be used for business or personal purposes.

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Your Guide To Tax Benefits On Loans Against Property

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  1. Does loan against property (LAP) offer tax advantages? Find out

  2. Tax exemption under Section 37(1) • Applicable if the funds are used for business purposes. • Under this section, interest paid and incidental charges can be claimed as business expenses.

  3. Tax exemption under Section 24(b) • Applicable for salaried individuals. • Funds used to purchase another property is eligible for a claim.

  4. Personal purpose• Funds utilized for purposes other than those listed above are not eligible for claims.

  5. Section 80C • This section only applies to home loans and does not apply to LAP.

  6. If you are looking to apply for a LAP, make sure you know if you will get any tax advantages beforehand.

  7. Thank You !Would Love to Hear From You Hero FinCorp Limited 09, BasantLok, Vasant Vihar, New Delhi - 110057 Tel. 18001024145 Email Id: Corporate.Care@HeroFinCorp.com Website: https://www.herofincorp.com/ Know more: Your Guide To Tax Benefits On Loans Against Property

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