BANGALORE: Studying the Income Tax Act of India is a frightening task for many people. Most of the individuals are aware of some of the most common tax deductions available to them. However they do not take advantage of the several benefits hidden in the complex clauses of the Act. , There are many other deductions apart from the familiar deductions like 80C and 80D. Listed below are some little-known tax benefits that can help you save a considerable amount in taxes every year.

1. Section 24: Have you ever heard of this section? Probably isn’t it. Section 24 deals with the interest on the home loan and the tax aspect of the interest on house loan repayment. It is not at all mandatory that you need to live in your own house to claim this benefit instead you can live in another house too. The maximum limit under this section is 1,50,000, but there is no limit on the number of houses as well as location of houses you can claim for. Your tax liability decreases as the interest payment is deducted from your taxable income.