Section 80EEA: Deduction on Housing Loan Interest | Save Taxes From Home Loan Interest | Tax Saving
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9 ماه پیش
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Section 80EEA was introduced to
Section 80EEA was introduced to extend the benefits to new homeowners. It provides a deduction of Rs 1,50,000 for the interest paid on home loans taken from financial institutions or housing finance companies for buying residential properties. This deduction is in addition to deduction of Rs 2,00,000 under section 24(b).
The benefits under Section 80EEA are available exclusively to individual taxpayers, and not to HUFs, AOPs, partnership firms, companies, or any other entities.
To be eligible for the Section 80EEA deduction, certain conditions must be met.
The housing loan must be sanctioned between April 1, 2019, and March 31, 2022,
and the stamp duty value of the property should not exceed Rs 45 lakhs.
Additionally, the taxpayer should not own any other residential property on the date of loan sanction and should be a first-time homebuyer.
To illustrate how the deduction works, let's consider a few examples.
If Mr. Manohar, a first-time homebuyer, took out a home loan in FY 2019-20 for a house with a stamp duty value of Rs 40 lakh and paid Rs 4,00,000 in interest, he can claim a Rs 200,000 deduction for home loan interest under Section 24.
Furthermore, because the house's stamp value is less than Rs 45 lakh, he is eligible for a Rs 1,50,000 deduction under Section 80EEA. As a result, Mr Manohar is eligible for a total deduction of Rs 3,50,000 under Sections 80EEA and 24.
In conclusion, Section 80EEA has been a life saviour for new home buyers since the time it has been introduced. If you’re not yet claiming this tax benefit and you fit in the eligibility criteria, please claim this now. Submit proofs to your employer and save your taxes.
#housingloans #homeloaninterestrate #section80 #incometax #savetaxes #personalfinance
Read more here -
https://www.bankbazaar.com/tax/how-to...
The benefits under Section 80EEA are available exclusively to individual taxpayers, and not to HUFs, AOPs, partnership firms, companies, or any other entities.
To be eligible for the Section 80EEA deduction, certain conditions must be met.
The housing loan must be sanctioned between April 1, 2019, and March 31, 2022,
and the stamp duty value of the property should not exceed Rs 45 lakhs.
Additionally, the taxpayer should not own any other residential property on the date of loan sanction and should be a first-time homebuyer.
To illustrate how the deduction works, let's consider a few examples.
If Mr. Manohar, a first-time homebuyer, took out a home loan in FY 2019-20 for a house with a stamp duty value of Rs 40 lakh and paid Rs 4,00,000 in interest, he can claim a Rs 200,000 deduction for home loan interest under Section 24.
Furthermore, because the house's stamp value is less than Rs 45 lakh, he is eligible for a Rs 1,50,000 deduction under Section 80EEA. As a result, Mr Manohar is eligible for a total deduction of Rs 3,50,000 under Sections 80EEA and 24.
In conclusion, Section 80EEA has been a life saviour for new home buyers since the time it has been introduced. If you’re not yet claiming this tax benefit and you fit in the eligibility criteria, please claim this now. Submit proofs to your employer and save your taxes.
#housingloans #homeloaninterestrate #section80 #incometax #savetaxes #personalfinance
Read more here -
https://www.bankbazaar.com/tax/how-to...
9 ماه پیش
در تاریخ 1402/08/25 منتشر شده
است.
15,550
بـار بازدید شده