Home finance ITR Filing: Big News! How much tax exemption do home loan borrowers...

ITR Filing: Big News! How much tax exemption do home loan borrowers get, check details

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ITR Filing: Big News! How much tax exemption do home loan borrowers get, check details

ITR Filing: If you are preparing to file ITR, then we have some important information for you. Which is very important for you to know.

If you are preparing to file ITR, then we have an important information for you. Do you know that it is very much needed while filing ITR. For this in ITR filing under Section 80EEA, you can take the benefit of deduction up to 1.50 lakhs.

Let us try to understand what are its rules and what are the points where you can get benefits under it.

Section 80EEA was introduced in the 2019 budget, with a provision for deduction up to Rs 1.50 lakh. In this a person can claim interest on home loan subject to certain conditions, but there is a condition.

Actually, this deduction is available to you if your home loan was sanctioned during the period from 1 April 2019 to 31 March 2022 and the condition is that the stamp duty of the house purchased does not exceed Rs 45 lakh.

You should not have any other house either. The loan should have been taken from a bank or housing finance company.

This clearly means that the deduction is available on the date of sanction of the home loan and not on the date of its repayment. The date of purchase or completion of construction of the house property is also irrelevant.

You can claim this deduction during the construction period, if you had claimed the deduction of interest on home loan under section 24 in the under-construction house category. In this case this deduction is available for the entire tenure of the home loan. You can claim it as long as you are repaying the home loan.

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