{"id":5511,"date":"2022-02-20T09:57:44","date_gmt":"2022-02-20T09:57:44","guid":{"rendered":"https:\/\/www.propertypistol.com\/blog\/?p=5511"},"modified":"2022-02-21T05:37:08","modified_gmt":"2022-02-21T05:37:08","slug":"all-about-section-80eea-home-loan-interest-payment","status":"publish","type":"post","link":"https:\/\/www.propertypistol.com\/blog\/all-about-section-80eea-home-loan-interest-payment\/","title":{"rendered":"All about Section 80EEA-Home loan interest payment"},"content":{"rendered":"\n

The government has now extended the hobby deduction permitted for low-cost home loans<\/a> obtained between 1 April 2019 and 31 March 2022, to achieve the goal of. As a result, commencing in AY 2020-21, a new Section 80EEA has been established to allow for a hobby deduction.<\/em><\/p>\n\n\n\n\n\n\n\n

The previous provision of Section 80EE allowed a deduction of up to Rs 50,000 for interest paid by using first-time domestic consumers for loans sanctioned from a financial institution between April 1, 2016, and March 31, 2017.The government has extended the benefit for FY 2019-20 to maintain the benefit and provide the real estate sector<\/a> with a boost. <\/p>\n\n\n\n

Individuals will benefit the most\nfrom the deduction in this section. This tax break isn’t always available to\nanother person. As a result, if you’re a HUF, AOP, partnership company,\ncorporation, or another type of taxpayer, you won’t be able to claim any\nbenefits under this section.Section 80EEA allows for a deduction of up to Rs\n1,50,000 for hobby expenses. This deduction is in addition to the Rs 2 lakh\ndeduction for hobby bills available under Section 24(b) of the Income Tax Act.<\/p>\n\n\n\n

Similar to Section 80EE, to claim a\ndeduction under Section 80EEA, you must no longer possess any other home assets\nat the time the mortgage is approved.<\/p>\n\n\n\n

The conditions for claiming the deduction are as follows:<\/strong><\/p>\n\n\n\n