Mind Your Savings

Home
Financial Articles
Financial Articles Details

Update Date : 18-Jan-2023

Created Date : 18-Jan-2023

Category : Home Loan E-Book (Promotional_BT)

Here’s how your home loan can make your income fully tax exempt

As a home loan borrower, if your gross annual income is less than ₹10,25,000/- and you are still paying any tax on your income then you definitely need to reconsider your tax planning and investment strategies.

As a matter of fact, you need not pay any tax on your income if your gross annual income is lower than ₹10,25,000/- mark.

Budget 2019, had cheered up many middle class tax payers as it provided 100% tax relief to all individuals whose gross annual income is less than ₹5,00,000/-.

So, if you earn less than ₹10,25,000/- annually, you can make some smart investment moves only to lower your total taxable income below ₹5,00,000/- mark and escape 100% of your income tax liability.

In this manner, inspite of earning more than ₹10,00,000/- annually, you can still make your tax liability zero.