If taxpayers or their spouses use individual housing loans from commercial banks or housing accumulation funds alone or jointly to purchase housing for themselves or their spouses in China, the interest expenses incurred in the first housing loan shall be deducted according to the standard quota of 1 000 yuan per month in the year when the loan interest actually occurred, and the maximum deduction period shall not exceed 240 months. Taxpayers can only enjoy a first home loan interest deduction. Legal basis: Article 14 of the Interim Measures for Special Additional Deduction of Individual Income Tax. If a taxpayer or his spouse uses a personal housing loan or housing accumulation fund of a commercial bank to purchase housing for himself or his spouse in China, the interest expenses incurred from the first housing loan shall be deducted according to the standard quota of RMB 1 000 per month in the year when the loan interest actually occurs, and the maximum deduction period shall not exceed 240 months. Taxpayers can only enjoy a first home loan interest deduction. The term "first home loan" as mentioned in these Measures refers to the housing loan that enjoys the interest rate of the first home loan when buying a house. Fifteenth agreed by both husband and wife, can choose to be deducted by one of them, the specific method of deduction shall not be changed within a tax year. For the first set of housing loans that occur when the husband and wife buy houses separately before marriage, they can choose to buy 1 house after marriage, and the buyer will deduct it according to the deduction standard of 100%, or the husband and wife will deduct it according to the deduction standard of 50%, and the specific deduction method cannot be changed within one tax year. Article 16 Taxpayers should keep the housing loan contract and repayment expenditure vouchers for future reference.
Legal objectivity:
Interim Measures for Special Additional Deduction of Personal Income Tax Article 14 If a taxpayer or his spouse uses a personal housing loan from a commercial bank or housing accumulation fund alone or jointly to buy a house for himself or his spouse in China, the interest expenses incurred in the first housing loan shall be deducted according to the standard quota of 1 000 yuan per month in the year when the loan interest actually occurs, and the maximum deduction period shall not exceed 240 months. Taxpayers can only enjoy a first home loan interest deduction. The term "first home loan" as mentioned in these Measures refers to the housing loan that enjoys the interest rate of the first home loan when buying a house. Fifteenth agreed by both husband and wife, can choose to be deducted by one of them, the specific method of deduction shall not be changed within a tax year. For the first set of housing loans that occur when the husband and wife buy houses separately before marriage, they can choose to buy 1 house after marriage, and the buyer will deduct it according to the deduction standard of 100%, or the husband and wife will deduct it according to the deduction standard of 50%, and the specific deduction method cannot be changed within one tax year. Article 16 Taxpayers should keep the housing loan contract and repayment expenditure vouchers for future reference.