Income Tax: The Home Loan Borrower can claim Income Tax Benefit under Section 80EEA if he has a Home Loan sanctioned between 1st April 2019 to 31st March 2022. loan).
Income Tax: From 1st April 2022, the Central Government is going to stop Income Tax Benefit for the first time home buyers under Section 80EEA. In Budget 2019, the Center had announced an additional Rs 1.50 lakh income tax benefit to home loan borrowers who purchase their first property to pay stamp duty of up to Rs 45 lakh. Later in the Budget 2020 and 2021, this facility was extended for one more year respectively. However, according to tax and investment experts, if a new home loan borrower receives a home loan approval letter by March 31, 2022 and disbursements in FY23, he will be able to claim this additional income tax exemption benefit.
Well there is still a chance of profit
Speaking on how an income tax payer still has an opportunity to claim this benefit while filing Income Tax Return (ITR), Mumbai-based tax and investment expert Balwant Jain said that while filing ITR from the next financial year, taxpayers will be under Section One will not be able to claim income tax benefit under 80EEA as this tax benefit will expire on 31st March 2022. However, in case, the taxpayer is considering to buy his dream home in the next financial year, he still has a chance to avail income tax exemption on home loan interest payment up to Rs.1.50 lakh in a financial year.
can claim in this way
Highlighting the window of opportunity available to income taxpayers, Balwant Jain said that a home loan borrower can claim income tax benefit under section 80EEA, if he has a home loan sanctioned between 1st April 2019 to 31st March 2022 . Therefore, if a new borrower receives a home loan sanction letter by March 31, 2022 and gets disbursement in the next financial year, he can claim income tax benefit under section 80EEA on home loan interest up to Rs.1.50 lakh paid in a financial year. eligible to claim.
borrower is a first time buyer
Pankaj Mathpal, MD & CEO, Optima Money Managers said that this facility will be available to the home loan borrower for the entire tenure of the home loan, provided the borrower is a first time buyer and does not have any assets. Most importantly, this benefit is also available on home loan EMI repayment of an under-construction property, whereas, under section 24(b), a home loan provides income tax benefits on interest payments up to Rs.2 lakh after acquiring possession of the home property. can claim.
what is the rule
As per the Income Tax Rules, with effect from 1st April 2022, a home loan borrower will get two income tax benefits under Section 24(b) and Section 80C of the Income Tax Act. Under section 24(b), a home buyer can claim an income tax deduction of up to Rs 2 lakh in a financial year on the interest component of his home loan EMI. However, this benefit can be claimed after getting possession of the property. Under Section 80C, borrowers can avail tax benefits of up to Rs 1.5 lakh on the principal amount paid through home loan EMIs.