What are the tax benefits of home ownership?

In India, there are several tax benefits associated with home ownership. Some of these benefits are:

1. Deduction of home loan interest: Homeowners can claim tax deductions on the interest paid on their home loan. The maximum deduction allowed is up to Rs. 2 lakh per financial year.

2. Deduction of principal repayment: Homeowners can also claim deductions on the principal repayment of their home loan under Section 80C of the Income Tax Act. The maximum deduction allowed is up to Rs. 1.5 lakh per financial year.

3. Stamp duty and registration charges: Homeowners can claim deductions on the stamp duty and registration charges paid during the purchase of the property. This deduction can be claimed in the year in which the charges were paid.

4. Capital gains tax exemption: If a homeowner sells their property after holding it for at least 2 years, they are eligible for longterm capital gains tax exemption.

It's important to note that these tax benefits are subject to certain conditions and limitations, and homeowners should consult with a tax professional for specific advice.