Citizens has get a setback from the first day of the new financial year 2022-23 starting from April 1. Now an additional Rs 1.5 lakh tax exemption will not be available on home loan interest. Its term expires on March 31. It was started in the budget 2019. At that time a new section 80EEA was added in the Income Tax Act. Under this, additional rebate was being given on the interest of the home loan taken on the purchase of cheap houses.
Last year this exemption was extended till March 31, 2022. But now it has been decided not to go ahead with it. The ceiling on the value of the house on the basis of stamp duty for tax exemption under 80EEA was capped at Rs 45 lakh. This discount was only for those who were buying a house for the first time.