Section 80EEA History The existing provisions of Section 80EE will allow a deduction of up to Rs 50,000 for the interest paid for first time home buyers after securing a loan from a financial institution between April 1, 2016, and March 31, 2017. The government of India to help and boost the real estate sector has decided to extend the benefit for fiscal 2019 – 2020. The deduction can be claimed by the loan borrowers until they repay the housing loan. Eligible Deduction Amount - Individuals who are paying housing loan can claim for deduction on interest payment of up to Rs 1,50,000 per annum under Section 80EEA. This deduction is over and above the deduction of Rs 2,00,000 per annum for interest amount payments which is available under Section 24 of the Income Tax Act. Individuals are eligible to claim a total deduction of Rs 3,50,000 per annum for interest on the home loan if they meet the prerequisites of Section 80EEA of the Income Tax Act. Eligibility Criteria - ...
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