Hi,
What is the recent news about benefits of section 80EEA and 80EE? How it helps employees additionally with their tax savings?
Please suggest
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Hi @Anushree
This is a very helpful move for people with Housing loans.
A deduction for interest payments up to Rs 1,50,000 is available under Section 80EEA. This deduction is over and above the deduction of Rs 2 lakh for interest payments available under Section 24(b) of the Income Tax Act.
Similar to Section 80EE, in order to claim deduction under Section 80EEA, you should not own any other house property on the date of the sanction of a loan.
So definitely this move gives an additional benefit of tax exemption for people with housing loan.
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But this is applicable only for Affordable housing with various conditions. One of the condition is the total Carpet area should not be more than 645 sq feet.
Regards
Jaisimha
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True @1509 there are multiple conditions associated here.
The other major point to note is " First-time buyers claiming deductions under Section 80EE cannot claim deductions under Section 80EEA ."
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