Breaking News
Loading...
Share It

Enter your email address:

Powered by Feedio

Showing posts with label New Tax Exemption from House Building Loan Interest U/s 80EEA. Show all posts
Showing posts with label New Tax Exemption from House Building Loan Interest U/s 80EEA. Show all posts

Thursday 5 December 2019


Section 80EEA

Budget 2019 proposes the insertion of section 80EEA to increase the benefit of Tax Deduction on the interest paid towards home loan up to Rs 45 lakhs for affordable housing. The additional tax deduction of Rs 1.50 lakhs is for the home loan taken up to 31st March 2020. The cumulative benefit would be Rs 7 lakhs for 15 years loan.
Affordable Housing means a dwelling unit with carpet area less than or equal to 60 square meters in metropolitan cities or 90 square meter in cities or towns other than metropolitan cities of Bengaluru, Chennai, Delhi National Capital Region (limited to Delhi, Noida, Greater Noida,

Ghaziabad, Gurgaon, Faridabad), Hyderabad, Kolkata and Mumbai (whole of Mumbai Metropolitan Region).

Presently, in case of a self-occupied house, the benefit of the tax deduction on the interest paid on home loan under section 24B is restricted to Rs 2 lakhs and on the principal repayment of the home loan the limit is Rs 1.50 lacs under section 80C.