ITR submitting: Income tax exemption, deduction that residence mortgage debtors should know

Is the deduction beneath sec 80EEA accessible only for the yr of purchase of the property or it is accessible all by means of the time interval interval of the mortgage as long as we pay curiosity?

Section 80EEA was launched by the value vary of 2019, which provided for deduction of as a lot as ₹1.50 lakh, which an individual can declare in respect of curiosity on residence mortgage matter to satisfaction of certain circumstances. This deduction is on the market if your personal dwelling mortgage is sanctioned all through the interval 1st April 2019 to thirty first March, 2022 and the stamp obligation value of the house bought did not exceed Rs. 45 lakhs and likewise you did not private another dwelling. The mortgage should have been taken from monetary establishment or a housing finance agency.

This deduction is on the market primarily based totally on the date of sanction of the home mortgage and by no means the date of disbursement of the similar. Even the date of purchase or completion of growth of the house property is simply not associated for this aim. You can declare this deduction all through the event interval in case you had taken the home mortgage for an beneath growth dwelling not like deduction beneath Section 80C for reimbursement of principal amount of residence mortgage and beneath Section 24 for curiosity on residence mortgage.

This deduction is on the market for all the tenure of the home mortgage. So you could declare it as long as you is likely to be servicing the home mortgage.

(Balwant Jain is a tax and funding educated and is likely to be reached on jainbalwant@gmail.com and @jainbalwant on his twitter cope with)

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