Loans%20that%20give%20the%20best%20tax%20benefits

#Finance #Market #taxpayers

Loans can be financially draining and affect your earnings badly
Some loans, however, can help you get benefits on taxes
Each loan offers different degrees of benefit so that you can choose what fits your context the best

Written By:Rushalee

Updated: January 15 2021 02:59:15 AM ET Kolkata

%26nbsp%3BThe%20idea%20of%20loans%20seems%20scary%2C%20but%20they%20don%u2019t%20necessarily%20need%20to%20be%20so.%20Loans%20can%20sometimes%20give%20you%20incentives%20and%20benefits%20on%20taxes%20that%20further%20help%20your%20financial%20graph.%20There%20are%20different%20kinds%20of%20loans%20that%20give%20you%20varying%20degrees%20of%20benefit%20on%20tax.%20Here%20are%20some%20of%20the%20loans%20that%20give%20you%20the%20best%20tax%20benefits

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%3Cstrong%3EHousing%20Loan%3C/strong%3E%3A%20This%20loan%20can%20help%20you%20get%20a%20reduction%20in%20your%20payable%20tax%20amount.%20However%2C%20one%20condition%20is%20that%20the%20house%20has%20to%20be%20built%20at%20the%20time%20of%20the%20claim%20and%20cannot%20be%20under%20construction.%20Dedicated%20payment%20of%20the%20loans%20and%20interest%20will%20ensure%20you%20a%20deducted%20tax%20benefit%20up%20to%20Rs%201.5%20lakhs.

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%3Cstrong%3EEducation%20Loan%3C/strong%3E%3A%20If%20you%20have%20taken%20education%20loans%20and%20diligently%20paying%20the%20interests%2C%20you%20can%20claim%20a%20tax%20deduction.%20However%2C%20the%20claim%20can%20only%20be%20made%20on%20the%20interests%20and%20not%20the%20principal%20amount.%20Moreover%2C%20you%20will%20only%20be%20able%20to%20claim%20up%20until%20the%20loan%20is%20paid%20or%20until%20eight%20years.

%26nbsp%3B

%3Cstrong%3EPersonal%20Loan%3C/strong%3E%3A%20If%20you%20are%20taking%20a%20personal%20loan%20for%20the%20reconstruction%20of%20a%20residential%20property%2C%20you%20can%20claim%20a%20deduction%20on%20the%20interest%20payable.%20Note%20that%20the%20benefits%20received%20are%20not%20calculated%20on%20the%20principal%20amount.%20A%20claim%20of%20Rs%202%20lakhs%20can%20be%20made%20in%20this%20case.

%3Cstrong%3ECar/Automobile%20Loan%3C/strong%3E%3A%20An%20individual%20can%20claim%20tax%20benefits%20on%20the%20repayment%20of%20interests%20of%20loan%20taken%20to%20buy%20a%20car%20or%20any%20other%20automobile%20for%20business%20purposes%20only.%20The%20loan%20will%20also%20have%20to%20be%20taken%20under%20the%20individual%27s%20business.

These%20loans%20can%20provide%20you%20with%20a%20little%20relief%20from%20your%20financial%20stress.%20With%20these%20hacks%2C%20you%20can%20now%20reduce%20the%20burden%20of%20your%20loans%20that%20drain%20your%20earnings

%3Ca%20class%3D%22mention%22%20data-mention%3D%22%23Finance%22%20data-user-id%3D%22vdfCkTLQAVNK%22%20href%3D%22/topic/finance%22%3E%23Finance%3C/a%3E%20%3Ca%20class%3D%22mention%22%20data-mention%3D%22%23Taxpayers%22%20data-user-id%3D%225JyWiyrjVOEs%22%20href%3D%22/topic/tax-payers%22%3E%23Taxpayers%3C/a%3E%20%3Ca%20class%3D%22mention%22%20data-mention%3D%22%23Market%22%20data-user-id%3D%22OBKErkUihvtK%22%20href%3D%22/topic/market%22%3E%23Market%3C/a%3E%26nbsp%3B