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50 000 per financial year as per this section.
Income tax section 80ee. For section 80ee of the income tax act the following section shall be substituted with effect from the 1st day of april 2017 namely 80ee. Such a buyer can claim tax deduction upto rs 50 000 under section 80ee. A buyer in such a case can claim tax deductions up to inr 50 000 under section 80ee of the act.
Section 80ee of the income tax act 1961 provides tax deduction benefit on the interest paid on home loan taken by a first time home buyer. The present article elucidates the provisions of the said newly inserted section 80eea. What is section 80ee.
Section 80ee allows income tax benefits on the interest portion of the residential house property loan availed from any financial institution. Income tax deduction under section 80ee of the income tax act 1961 can be claimed by first time home buyers for the amount they pay as interest on home loan. You can continue to claim this deduction until you have fully repaid the loan.
This means joint owners who are also the co borrowers can individually claim rs 50 000 as deductions from their respective incomes. Deduction in respect of interest on loan taken for residential house property. 1 in computing the total income of an assessee being an individual there shall be deducted in accordance with and subject to the provisions of this section interest payable on loan taken by him from any financial institution for the purpose of acquisition of a residential property.
The deduction allowed under this section is for the interest paid on a home loan for up to a maximum of rs 50 000 per financial year. Section 80eea has been newly introduced in the income tax act 1961 and the same would be effective from 1 st april 2020. Section 80ee allows income tax benefits on the interest portion of the house property loan availed from any financial institution.
50 000 during a financial year. Section 80ee of the income tax act 1961 provides benefits for tax deductions on the interest paid on home loans taken by a first time home buyer. 50 000 during a financial year.
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