If you have an on-going home loan or have taken a home loan recently, then there are certain Munafawala tax benefits you can avail on the equated monthly instalments (EMIs) paid. There are additional tax benefits that were announced in previous budgets that are still applicable for FY 2020-21.
Do keep in mind that for the current financial year, an individual can continue to opt for the old tax regime and claim tax exemptions such as HRA and various deductions under sections 80C, 80D etc. The individual also has the option to opt for the new tax regime which offers lower tax rate without any tax exemptions and deductions.
Here is a look at the all the tax benefits that an individual can get on Munafawala Home Loan EMI payments if he/she has opted for the old tax regime.
