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New Tax Regime Benefits and Deductions
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home loan interest deduction in income tax AY 2022-23
Section 24
Section 80EEA
80EE
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Section 24-Deductions of Interest on a Home Loan
This deduction will be available if the loan is taken from Specified or Non specified banks or Friends or Relatives
In case of Loan from Friends or Relatives keep proper documentation or Loan agreement with market interest rate and pay the EMIs in the same manner as paid to Banks
If the loan is taken for repair and reconstruction of the house than deduction is restricted to Rs 30,000
The deduction for the interest repayment is available only after the construction of the house is completed or its possession is received
Interest related to Pre construction period all is available as a deduction in 5 equal installments
Section 80EEA-Deductions of Interest on a Home Loan
This deduction is available from the Financial Year 2019-20
This section provides additional deduction of interest payment on home loan subject to certain conditions
This deduction is over and above the deduction available u/s 24
The maximum deduction under this section is Rs 1.50 Lakh
Condition for claiming deduction u/s 80EEA
The stamp duty of the residential property must be 45 lakhs or less
The loan is taken from financial institution only
The loan has been sanctioned between 01 April 2019 to 31 March 2022
Learn with Example
Maximum Deduction u/s 80EEA is Rs 1.50 Lakh
Maximum Deduction u/s 24 is Rs 2 Lakh
And the Total Interest Paid to HDFC Bank by Mr. X during the Financial Year 2021-22 is Rs 3 Lakh
Exemption
Interest Deduction u/s 24 - Rs 2 Lakh
Interest Deduction u/s 80EEA - Rs 1 Lakh
Note - Principal amount up to Rs 1.50 Lakh can be claimed u/s 80C if Loan is taken from the specified institutions and the Registration charges up to Rs 1.50 Lakh can also be claimed
The individual must not be a claimant of the deduction that comes with Section 80EE
This must be a first-time home buyer means assessee owns no residential HP on the date of sanction of Loan
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