WebFeb 3, 2024 · Section 80EE Deduction - First-time homeowners are eligible for tax benefits under section 80EE of the income tax act 1961. ... ($18,000) under section 80 EE. If the requirements are met, you may also claim a deduction under Section 80 EEA, although in this case, neither Section 24 nor Section 80EE will apply or be accessible. WebJan 9, 2024 · Under the income tax act Section 80 EEA, a deduction on the principal amount of up to Rs. 1,50,000 is available. This is eligible over the Rs. 2 lakh available under Section 24 (b). Therefore, a taxpayer can enjoy a total deduction of Rs. 3.5 lakh meeting all the eligibility criteria falling under Section 80EEA income tax act.
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WebApr 4, 2024 · The Union Budget 2024 has introduced a new Section 80EEA to extend the tax benefits of the interest deduction up to Rs 1,50,000 for housing loans taken for affordable housing during the period 1 April 2024 to 31 March 2024. The individual … c. Tax Deduction for First-Time Homeowners: Section 80EE. Section … WebSpecial provisions in respect of certain undertakings in north-eastern states - Section 80-IE A deduction of an amount equal to 100% of the profits and gains derived from following … lake nimisila
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WebFeb 17, 2024 · What Is Section 80 EE? The Income Tax Act allows first-time home buyers to claim deductions under Section 80 EE on the housing loan interest. As per the … WebUnder Section 80EE, a tax deduction of Rs 50,000 is offered to first-time home buyers against the home loan interest payment, if they meet certain conditions. Click here to … WebJul 21, 2024 · A taxpayer can claim a deduction of up to Rs 1,50,000 in respect of interest paid on a home loan taken from a financial institution. The deduction will be available for the assessment year beginning on the 1st day of April 2024 and subsequent assessment years. A taxpayer claiming deduction under section 80EEA while calculating the total … lake nina restaurant