How to Use Home Loans Smartly for Tax Benefit Purposes – Useful Guide

Many of you apply for a home loan while buying your dream house. We can see that the home loan comes with multiple tax benefits, which can reduce your yearly income tax significantly. So, it is always advised, even if you have enough ready capital it is better to buy a house with a home loan. In this write-up, the different ways by which the home loan can be smartly used for tax benefits will be discussed.

Deduction for interest paid

The EMI which you pay for the home loan has two components, the interest payment, and the principal repayment. The interest component which you pay in your EMI can be claimed as a deduction from your total income of that financial year up to a maximum value of Rs200000 under section 24B. But there are some conditions to avail this benefit. The first condition is the house should not be sold within 5 years of its possession. This deduction can only be claimed in a completed house. If your house or apartment is still under construction, you won’t be able to avail this benefit in your income tax.

If the property is not self-occupied then there is no maximum limit on the tax deduction for the interest paid on the loan. In this case, the entire amount of the interest paid can be claimed as a deduction.

Deduction on Principal Repayment

The principal portion of the EMI of your home loan, which is paid for that financial year, can also be claimed as a deduction under section 80C up to a maximum value of Rs 150000. But, the precondition to claim this benefit is the house property should not be sold within 5 years of possession. If you sell the house after claiming the deduction, then the benefit will be added back to your yearly income in the year selling the house. This benefit is given only when the construction of the house is complete and the completion certificate is awarded.

Deduction for First Time Home Buyers

If you are a first-time house buyer then you can claim some extra benefits in your income tax. Under section 80EE of income tax act, the first time home buyers are allowed a special deduction of maximum Rs 50000 from the annual income. This section 80EE was first introduced in India in the financial year 2013-14. Then, this deduction was not effective in 2015-16. Finally, section 80EE was reintroduced in 2016-17. There are two conditions to claim this benefit. Firstly, the home loan amount should be Rs 3500000 or less than that. Secondly, the value of the new house should not exceed Rs 5000000. It should be noted that at the time of sanction of the loan the owner should not have any other house in his name.

Deduction for Stamp Duty and Registration charges

There is also a deduction for the stamp duty and registration charges under section 80C. This deduction can only be claimed in the year of registration of the house. The maximum limit for this deduction is Rs 150000. This benefit is given to all the people who buy a new house, irrespective of whether they have taken a home loan or not.

Deduction for Joint Home Loan

If the home loan is jointly taken by two persons, then each of them can claim a deduction on their annual income under the section 80C. A deduction of Rs 200000 on the home loan interest and an additional sum of Rs 150000 on the repayment of the principal are allowed. This benefit can be claimed by each one of them on their individual tax return. They should also be the joint owner of the property. So, it can be seen that if the house is jointly owned by the family members, then they can claim larger tax benefit.

The above write-up was in brief, a few ways by which an individual can use his home loan for tax benefits

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At Qupact International, we specialize in identifying and engaging with the optimal sales and distribution partners on behalf of our clients according to their specific business needs. It is a practice we have grown highly proficient at over our 14 years in business and we take great pride in being able to help grow our clients business through management of their sales channels in foreign markets. However, we also add significant value to those companies that prefer to manage their own sales channels but have difficulty finding the right distribution partners for their business and enacting an efficient, cost-effective distribution sales strategy. We carry out a bespoke sales partner search in our clients target market. We generally identifying between 30-60 potential partners, that are input into our web-optimized application, dataPACT, along with a pre-requisite guided rating and complete company profile. dataPACT constitutes the backbone of our service being the ideal platform on which to present and interpret complex sales data.


data
PACT has a number of tools that our clients can use to generate a comprehensive sales strategy or add value to an existing one. Primary amongst these is our Market Map. The Market Map is a visual representation of your target market and all the players in it so that you know immediately who to engage with and how to approach them. Traditional databases provide customers with endless lists and spreadsheets of companies, dataPACT‘s Market Map shows the relationships between those companies; it is the transformation of raw data into intelligent, useful information. The importance of being able to identify the relationships between potential partners, competitors and suppliers of complimentary products cannot be overstated and is often the difference between success and failure during market entry, dataPACT‘s Market Map put this information into our clients hands.


Figure 1 – Market Map Interface

Supplementing the information presented in the Market Map is the Strategy Pyramid. The Strategy Pyramid is all about routes to market and clearly defines precisely how to engage with potential sales channel partners turned up in the partner search. The Strategy Pyramid defines clear stages along the sales path toward the end-customer and end-user. The strategy is also tiered according to the different categories of partner sought; for example the strategy used to engage with retailers will differ significantly to the one used to engage wholesale distributors. Where the Market Map presents the results of the bespoke partner search, the Strategy Pyramid provide a concise and clear strategy on how to utilize those results.


Highly rated potential channels and pertinent competitors will be given a comprehensive Company Profile, a summary of the critically relevant information regarding that company. This provides fundamental company information regarding structure, size, headquarters, management and contact details. The company profile also includes financial data, which is absolutely crucial in determining the sustainability and growth potential of a sales channel. The last thing you need on market entry is to sign an exclusive contract with an unsustainable company that could fold leaving you stranded! A summary sales analysis, “next-action” function and comments sections complete the company profile.


In considering whether or not to take on a competitor in the market place or even within a single distribution partner, it is quintessential to objectively compare your competing product or service. The
dataPACT Competitive Analysis tool allows our clients to do just that. This feature facilitates a spec-by-spec analysis and comparison of multiple products across multiple competitors. The client is in full control of the parameters being compared and these can be altered at any time to keep up with market dynamics.


data
PACT also a range of other features such as a partner prerequisites documents, interactive dashboard, structured partner proposition document formats and an extensive e-learning facility for early entrepreneurs and seasoned business people alike. All dataPACT features also allow for PDF export to assist clients in their own presentations. 
Whilst Qupact remains committed to utilizing dataPACT to manage our client’s sales channels as effectively as possible, we also want to make dataPACT available to those clients determined to develop their own sales channel strategy.

If you need reps, distributors, VARs or retailers, visit us as
www.qupact.com and see what dataPACT can do for your business.


Article Written by Brian English CEO of Qupact International, Brian English is an internationally renowned expert in sales channel development. A former Vice President at Emerson(St. Louis) and group Managing Director at XP Power (London), he currently delivers on a number of prestigious management development programs such as International Selling and Endeavour as well as lecturing at business schools, universities, industry events and company meetings. After a 20 years career in international business, he set up Qupact International in 2003 and launched PACT – a program

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