Additional
Income Tax benefits on Housing Loan
Effective from AY 2020-21
Conditions :
· Assessee is an individual.
· Not eligible to claim deduction u/s. 80 EE.
· A loan should have been taken for acquiring residential house.
· Loan should have been sanctioned between 01.04.2019 and 31.03.2020 (extended to 31.03.2021 in Finance Act 2020).
· Stamp Duty Value of residential house should not exceed Rs.45 lakhs.
· Assessee shall not own any other house property on the date of sanction of loan.
· Deduction is equal to interest payable or Rs. 1,50,000 whichever less.
· Interest claimed under this provision cannot be claimed again u/s. 24.
Section
24(b) |
Section
80EE |
Section
80EEA |
Deduction of Rs. 2 lakhs for self occupied property
and entire interest for let-out property. |
Additional
deduction of Rs. 50,000 (after exhausting the limit under Section 24(b)) for
first-time home buyers, for loans sanctioned by financial institutions
between April 1, 2016 and March 31, 2017. |
Additional deduction Rs.1.5 lakhs (after exhausting the limit under Section 24(b)) for first- time home buyers, for loans taken for affordable homes up to March 31, 2021.
Section 80EEA cannot be |
CA. MOHAMED ASHARAF, FCA, DISA (ICA)
+919447746535
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Good information ๐
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