WebApr 25, 2024 · Section 80EEA: Features And Conditions. A new Section 80EEA is inserted to allow an interest deduction from AY 2024-21 (FY 2024-20). To further the benefit and give impetus to the real estate sector, the government has also extended the advantage for FY 2024-20. This deduction should be claimed until you have repaid the housing loan. WebOct 12, 2024 · However, all necessary conditions must be satisfied. For example, the value of the residential property cannot exceed Rs.45 lakh. Eligibility Criteria to Claim …
Income Tax Department
WebJan 25, 2024 · This deduction is available over & above exemption u/s 24b provided other conditions satisfied. Therefore, taxpayers can claim a total deduction of Rs 3.50 Lakhs for interest on housing loan, if they meet the conditions of section 80EEA. Who is Eligible. ♦ Only Individual assessee. Example1: Mr. Bhaskar has taken a home loan during FY … WebJul 13, 2024 · Therefore, taxpayers will be able to claim a total deduction of Rs 3.5 lakh for interest on home loan, if they meet the conditions of section 80EEA. Conditions for claiming the deduction running shoe store tempe az
Section 80EEA: Tax Deduction On Home Loan Interest Payment
WebFeb 9, 2024 · If you are able to satisfy the conditions of both Section 24 and Section 80EEA of the Income Tax Act, you can claim the benefits under both the sections. Can I claim both 80EE and section 24? Ans: Yes, You can claim a tax benefit under both section 24 and section 80EE in a single year. Tax deduction under Section 80EE of the Income … WebFeb 22, 2024 · Benefits of 80EEA Deduction: Additional Tax Benefit: The 80EEA deduction provides an additional tax benefit of up to Rs. 1.5 lakhs over and above the existing tax benefits provided under Section 24 (b) and Section 80C of the Income Tax Act. Affordable Housing: The 80EEA deduction aims to promote affordable housing by encouraging first … WebDec 31, 2024 · Section 80EEA. Section 80EEA is for first-time home buyers to get additional income tax deductions of up to ₹ 1.50 lakhs annually on home loan interest payments.. Home buyers can claim the deduction … sc commodity\\u0027s