2017 Tax Cuts & Jobs Act: What You Should Know — Individual Tax Reform

February 6, 2018
Dorsey presenters provided an overview of the impact of this sweeping new tax law on individuals, including lower income tax rates, key adjustments to standard and itemized deductions (including the new pass-through deduction), the expansion of permissible distributions from 529 education accounts, the doubling of estate, gift, and generation-skipping transfer tax exemptions, and more. They explored how the federal tax law changes interact with existing state laws (with a focus on Minnesota), and discussed overall policy implications for the federal government and for states.

Presenters:
Ben Lindblad, Tessa Mielke, Katina Peterson, & Mary Streitz, Dorsey & Whitney LLP

**NOTE: Watching this recording does not allow the user to obtain CLE, CPD, CPE or HR credits.
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Buying your first house on a loan comes with multiple tax benefits. These deductions not only reduce your tax outgo but also help in managing your cash flows better.
To explain the Tax Benefit on Home Loan, we would be dividing the Repayment of Home Loan into 2 components:-
· Repayment of the Principal Amount
· Repayment of the Interest on Home Loan
As the repayment comprises of 2 different components, the tax benefit on home loan is governed by different sections of the Income Tax Act and these are claimed as tax deductions under different sections (Section 80C, Section 24 and Section 80EE) while filing the Income Tax Return.

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Click Here to Leave a Comment Below 17 comments
Than Aung Sumlut

Can I get a set of slides for this presentation?

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Bhupinder Kaur

Thank you posting it

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Vikas Jayant

Ma'am I'm a fist time buyer of a self occupied house in this FY18-19. Loan amount is less than 35lac and property cost less than 50 lack. In which section I have to mention my loan principal and interest because this 80EE section is confusing me , and can I take rebate under section 80EE too.

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Balaguru A

no body explained with such clarity
kudos

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goodmorningtoall

Hi team thanks for sharing such valauable information ..just wanted to know if it's a best practice : should one submit the documents/ certification as investment proof which reflects principle and interest amount of a loan on under construction house just for formality

Two more queries:
– can one get the tax deduction on the legal fee paid to prepare builder buyer agreement ( under construction house )
– can we take deduction for loan processing fee paid to the loan provider nbfc ( under construction house )

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Nitin Upadhyaya

Awesome video again from Yadnya. I already have a property on my name that was bought without any loan. I have recently bought my second home on loan(my first home loan) and wanted to know the tax benefit on this. Could you please confirm on the following.

1) Can I claim tax benefit on the principal payment as well as the stamp and registration fees of my second home under 80C ?
I understand that the benefit on stamp/registration can be claimed only once but can I claim tax benefit on principal payment for every year considering this is my second home ?
2) Can I claim tax benefit on interest payment under section 24 ?

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Pradeep Santdasani

Is 80ee deduction of 50k available if home loan is sanctioned in 2018-2019 ?

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Mihir Chaudhari

i have home loan of new house for which construction was completed by february 2018 but possession given by 4th april 2018. Will i able to claim 80c principal repayment deductions?

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suraj shukla

For how many home loans.. one after the other.. can we claim tax benefits?

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Rahul Acharyya

Will Purchasing an old house on loan qualify for tax deduction under 80c and 24??

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Kuldeep S Malik

Which is the best AMC for investment in for five to seven years for RS 5.0 lac.please tell

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Hemanth Kumar

For a second home buyer.. I heard there is no limit of 2lac intrest claim as tax benefit.. But it can be actual intrest paid.. Let's say 3 lac then 3 lac can be shown… Is it true?

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Hemanth Kumar

How will income tax dept know whether house construction is completed or no?

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Sakti Barman

If loan taken for renovation (HRL). Than principal can claim under 80C ?

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sk belal

Very Clear

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nikhil goenka

Will the claim under section 80C and 24 be valid if I am avialing the home loan for second time??

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Jitendra Gandhi

Yadnya videos simply are —> “seedhi baat no bakwas, clear hai”

Very Nice … appreciate it !!

Reply

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