The Budget 2019 India: The FM has proposed an extra deduction of Rs 1.5 lakh for the intrigue paid on the home advance for private house property. Be that as it may, there are sure conditions to be satisfied before you can guarantee it.
As per the Central Budget 2019 India: The FM has proposed an extra deduction of Rs 1.5 lakh for the interest paid on the home credit for private house property. As of now, the interest paid on home advance up to Rs 2 lakh in a year for a self-involved property fits the bill for reasoning under segment 24 of the I-T Act. The extra interest will fit the bill for a conclusion under the recently presented sector 80EEA. The aggregate sum of conclusion accessible to the citizen will, accordingly, become Rs 3.5 lakh a year. "This will convert into an advantage of around 7 lakh to the middle-class home-purchasers over their credit time of 15 years"

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Be that as it may, recall there are sure conditions to be satisfied before you can guarantee reasonings under both the section.

(I) Loan to be sanctioned by the budgetary foundation during the period starting on the first April 2019 to 31st March 2020

What it implies: The tax cut won't be on a current credit taken before March 31, 2019.

(ii) The stamp duty estimation of house property ought not to surpass Rs 45 lakh

What it implies: The enlistment cost of the house is limited to Rs 45 lakh. Other than urban areas like Mumbai and so on, a 2bhk will be accessible in a few areas at this cost. In the event that you are hoping to purchase a home costing more than this sum, you won't be qualified to guarantee any finding under this area.

(iii) The assessee does not possess any private house property on the date of assent of credit

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The feature of this Excel Utility is the following:-
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2) The Salary Structure as per the  All the Private or Non - Govt employee’s Salary Pattern
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4) Automated Income Tax Salary Sheet for each Employee 
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What it implies: It implies, the target of presenting this new tax cut is gone for new purchasers who don't have a home at this point.

(iv) If you have just profited a derivation under this section, same intrigue sum can't be benefited under some other area of the I-T Act

What it implies: It implies, tax reduction on a similar intrigue can't be guaranteed under section 24 and section 80EEA simultaneously. Be that as it may, for the sum surpassing the point of confinement, one can guarantee under the two section.

(v) You will be qualified for derivation under the section, if the rug region of your house isn't surpassing 60 square meters ( 645 sq ft) in metropolitan urban communities or 90 square meters (968 sq ft) in urban areas or towns other than metropolitan urban areas of Bengaluru, Chennai, Delhi National Capital Region (constrained to Delhi, Noida,Greater Noida, Ghaziabad, Gurgaon, Faridabad), Hyderabad, Kolkata and Mumbai (entire of Mumbai Metropolitan Region). Further, this definition will be compelling on or after the first day of September 2019.

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What it implies: Carpet region is around 30 percent not exactly super rug region. On the off chance that you are searching for a greater house surpassing around 1000 sq ft in metropolitan urban areas or 1350 in different urban areas, this proposition may not help you much. The administration needs to loosen up as far as possible to make the proposition functional.

Additionally, imagine a scenario where an advance is taken in FY 2019-20 and the intriguing part surpasses Rs 1.5 lakh, would deduction be able to be profited in the two segments. "On the buy of a reasonable house, an individual can benefit a finding of Rs 2 lakh under area 24 of the annual duty act and furthermore, an extra conclusion of Rs 1.5 lakh under segment 80EEA, gave the credit is taken from any money related establishment. Subsequently, if a credit is taken for in FY 2019-20 however intrigue part surpasses Rs 1.5 lakh, the individual can guarantee benefits under both the segments for example 24 and 80EEA and take an all-out derivation to Rs 3.5L,"