The special deduction for housing loans can be deducted from 1000 for individual tax, 1000 for each month and 12000 for one year. Husband and wife can decide who will deduct 100% in one lump sum in each tax year, or both husband and wife will deduct 50% at the same time. Generally, the party with a high salary will be deducted in full, and both sides can deduct 50% if their wages just meet the tax standard.
China's personal income tax is calculated according to the excess progressive tax rate, and the threshold is 5000 yuan. The part exceeding 5000 is deducted first, and the surplus after deduction is calculated according to the progressive tax rate of 3%-45% of comprehensive income and 5%-35% of operating income. Accidental income such as interest, bonus and dividend shall be paid in one lump sum at the rate of 20%.
Personal income tax rate: for comprehensive income, the excess progressive tax rate of 3% to 45% is applicable; For operating income, an excessive progressive tax rate of 5% to 35% is applicable; Income from interest, dividends and bonuses, income from property leasing, income from property transfer and accidental income shall be subject to the proportional tax rate of 20%.
To sum up, the special deduction of housing loans can be deducted 1000 for tax deduction, and 1000 for monthly deduction and 12000 for one year.
legal ground
Individual Income Tax Law of the People's Republic of China
Article 6
The special deduction specified in item 1 of the first paragraph of this article includes social insurance premiums such as basic old-age insurance, basic medical insurance, unemployment insurance and housing accumulation fund paid by individual residents in accordance with the scope and standards prescribed by the state; Special additional deductions include children's education, continuing education, medical treatment for serious illness, housing loan interest or housing rent, support for the elderly and other expenses. The specific scope, standards and implementation steps are determined by the State Council and reported to the NPC Standing Committee for the record.