Claim Income Tax Benefit On Home Loan
Income Tax Benefit On Home Loan Deduction of Interest paid on Home Loan for Affordable Housing Do you know you can save 3.5 lakhs on your dream home. “Housing for all” is the Dream Project launched by PM Shri Narendra Modiji in 2015 under National Mission for Urban Housing, with only one mission to provide House to every citizen of the Country. Under the above objective, the government has now extended the interest deduction allowed for low-cost housing loans taken during the period between 1 April 2019 and 31 March 2020. Along with the existing Section 80EE that a new Section 80EEA has been inserted to allow for an interest deduction from AY 2020-21 (FY 2019-20). The existing provisions of Section 80EE allow a deduction up to ₹50,000 for interest paid by first-time home buyers for loan sanctioned from a financial institution. With a view to extend the benefit and give boost to the real estate sector, the government has extended the benefit for the FY 2019-20. This deduct...