ITR submitting: Revenue tax exemption, deduction that residence mortgage debtors ought to know

Is the deduction beneath sec 80EEA out there just for the yr of buy of the property or it’s out there all through the time period interval of the mortgage so long as we pay curiosity?

Part 80EEA was launched by the price range of 2019, which supplied for deduction of as much as 1.50 lakh, which a person can declare in respect of curiosity on residence mortgage topic to satisfaction of sure circumstances. This deduction is out there if your own home mortgage is sanctioned through the interval 1st April 2019 to thirty first March, 2022 and the stamp responsibility worth of the home purchased didn’t exceed Rs. 45 lakhs and also you didn’t personal another home. The mortgage ought to have been taken from financial institution or a housing finance firm.

This deduction is out there based mostly on the date of sanction of the house mortgage and never the date of disbursement of the identical. Even the date of buy or completion of development of the home property will not be related for this function. You possibly can declare this deduction through the development interval in case you had taken the house mortgage for an beneath development home in contrast to deduction beneath Part 80C for compensation of principal quantity of residence mortgage and beneath Part 24 for curiosity on residence mortgage.

This deduction is out there for the entire tenure of the house mortgage. So you possibly can declare it so long as you might be servicing the house mortgage.

(Balwant Jain is a tax and funding skilled and might be reached on [email protected] and @jainbalwant on his twitter deal with)

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