Feature article by the Hong Kong Government on tax deductions for home loan interest. Details on eligibility for deductions , how deductions are allowed to . Above provisions are only for the repayment of interest on home loan. Repayment of the principal amount of home loan is tax deductible under Section 80C.
The revised mortgage interest tax deduction.
The Tax Cuts and Jobs Act kept the most widely used tax deductions , such as mortgage interest , in . If the housing loan is availed by two or more persons, each of them is eligible to claim a deduction on the interest paid up to Rs. The home mortgage deduction is one of the most popular deductions in the entire U. It enables you to deduct , within limits, the interest you pay on a . However, the rules are different . Taxpayer paying tax at standard rate. For taxpayers who have an on-going home loan , the interest paid on such loans helps them lower tax liability in the existing income tax structure.
Deductible mortgage interest is any interest you pay on a loan secured by a main home or second home that was used to buy, buil or substantially improve your .