Home Loan Benefits Income Tax FY 2023-24 II Section 24 II Section 80EEA II
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- Опубликовано: 21 фев 2024
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home loan interest deduction in income tax AY 2022-23
Section 24
Section 80EEA
80EE
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CA Ved Taya
#cavedtaya
Section 24-Deductions of Interest on a Home Loan
This deduction will be available if the loan is taken from Specified or Non specified banks or Friends or Relatives
In case of Loan from Friends or Relatives keep proper documentation or Loan agreement with market interest rate and pay the EMIs in the same manner as paid to Banks
If the loan is taken for repair and reconstruction of the house than deduction is restricted to Rs 30,000
The deduction for the interest repayment is available only after the construction of the house is completed or its possession is received
Interest related to Pre construction period all is available as a deduction in 5 equal installments
Section 80EEA-Deductions of Interest on a Home Loan
This deduction is available from the Financial Year 2019-20
This section provides additional deduction of interest payment on home loan subject to certain conditions
This deduction is over and above the deduction available u/s 24
The maximum deduction under this section is Rs 1.50 Lakh
Condition for claiming deduction u/s 80EEA
The stamp duty of the residential property must be 45 lakhs or less
The loan is taken from financial institution only
The loan has been sanctioned between 01 April 2019 to 31 March 2022
Learn with Example
Maximum Deduction u/s 80EEA is Rs 1.50 Lakh
Maximum Deduction u/s 24 is Rs 2 Lakh
And the Total Interest Paid to HDFC Bank by Mr. X during the Financial Year 2021-22 is Rs 3 Lakh
Exemption
Interest Deduction u/s 24 - Rs 2 Lakh
Interest Deduction u/s 80EEA - Rs 1 Lakh
Note - Principal amount up to Rs 1.50 Lakh can be claimed u/s 80C if Loan is taken from the specified institutions and the Registration charges up to Rs 1.50 Lakh can also be claimed
The individual must not be a claimant of the deduction that comes with Section 80EE
This must be a first-time home buyer means assessee owns no residential HP on the date of sanction of Loan
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Nice explanation of all the relevant provisions related to HP. Must watch for all house owners. Keep it up. Thanks.
U explane in very simple way, point to point thanks
very usefull information thanks
Thank you for your information
My brother and myself own a first house where I was a coborrower in 2015. And then in 2020, only me bought a second house.Am i eligible for a second house in 80eea?
%share kaise count karey, 100%emi mai hi bher raha.
can i claim 80eea if i am first time home buyer but joint owner is second time buyer
Thanks for the info.!! Every year we can take the benefit under 80EEA or we can claim this only for 5 years from 2019 ??
Section 88EEA exemption can be availed for five consecutive financial year starting from the year the loan was taken
Sir thnx for good information by covering both regimes❤
Sir, you hv explained very nicely. I hv met all criteria for my first home loan under 80 EEA but I hv taken new home loan in Nov 22 and property is under construction and I am paying interest around 4 lakh yearly.
Can I claim interest of 2nd home loan under 24 B ? And 1st home loan interest under 80 EEA ?
Kindly guide.
Thank you in advance.
You can claim home loan interest deduction only after completion in next 5 years in equal instalment
1. Can we claim principle component of EMI for under construction property if full EMI is started on amount disbursed for that financial year under which property is still under construction?
2. Is it okay if I choose new regime for the ITR when property is under construction and later switch to old after completion of property and claim interest paid during construction? Ex: property under construction from 2023-2025 and interest paid 5lakh during this time. I filed my ITR under new regime for 2023, 2024 and 2025 and switched to old in 2026 to claim interest (1lakh per year) under 80EEA in ITR.?
3. Is pre construction interest can only be claimed post construction by first time home owner only? or I am eligible even if its my second home loan?
1. Yes you can claim home loan principle payment plus stamp duty and registration charges for the under construction period
2. Yes you can change the Tax Regime every year
Sir, i have purchased house by taking home loan in 2016-17 and later i have transferred home lone to other bank in June 2021 and stamp duty value of home is 45 lakh....my question is whether should I claim home loan interest over 2 lakh under 80EE or 80EEA
Is tranfer of home loan to other bank considered as fresh hoam loan or existing loan
The 5 yr equal deduction after construction can be claimed over 2lakh interest limit of respective FY? So a 15lakh interest paid during construction will get 3lakh(15/5) + 2lakh= 5lakh interest in first year after construction completed?
Yes whatever the interest amount for preconstuctin period by divide gin 5 equal instalment
how to fill in the pre emi interest amount as well as post possession interest amount in ITR
But let out property me bhi max 2 lakh h waha 2 lakh se jyada fill ni karne diya ja raha is fy se
Old tax मैं Rs 2 Lakh Limit है but in New Tax Regime in case of house is let out than no limit of Rs 2 Lakh
Sir my mother want to takeover my home loan which is taken by me from lic housing 5yr ago.
How can i get 24B deduction?
Which document i will submit in my office to support my loan from mother.
Any ristrictions are there.
Thanks
You are the owner of the house so Income Tax Benefits will go in your favour and you can claim section 24B deduction...Office need only loan/ interest certificate from bank
Sir self occupied krne pr HRA pe bhi bacha skte han kya ...
Yes
Sir, maine property Dec 2022 me liya tha, muje Kis section me benefit milega
Agar aapka home loan chal raha hai to aapko section 24 ke andar interest ka benefit mil Jaega upto Rs 2 Lakh and section 80C ke andar aap uske principal amount ki deduction le sakte ho up to rupees Rs 1.50 lakh
Yadi loan 2018 mai liya hai to kya 80ee or 80eea dono mai se kese ka bhi benifit nahi melega kya? Mere proprietary under construction hai to kya mai 24 kai under bhi deduction ka advantage nahi le sakta kya?
1. Interest amount for under construction period is allowed in 5 equal installments only from the year in which construction complete
2. No benfit in both sections bcoz loan availed in 2018
Renovation ke liye loan 2020 me liya hai to kya 80 eea me chhut le sakte hai
As my house has 2 floors on the first floor my parents are staying and the 2nd floor I let it out
Let out property par hi benefit kyo diya jata hai?
1.First reason bcoz benefit nahi denge toh may be some people avoid home loan.... Self occupied ho ya rental old tax mae dono mae hi benefit milega
2.Second reason Rental income बड़ने से आपकी Tax Liablity भी बढ़ जाएगी that is Why govt provide benefit of interest deduction in rental case also to minimise your tax liability
what is stamp duty value of property? Is it same as agreement value of property? OR is it the market value of property?
@@ajagir72 stamp duty value is based on the circle rate of the property and this duty value is determined by the stamp Value Vision authority in your area
@@ajagir72 Yes, stamp duty value is different from the market value or sale agreement value if the agreement value or market value is less than the stamp duty value as determined by the valuation authority than stamp duty will be paid on the higher amount I mean value determine by valuation authority
Crux, stamp duty always paid on higher amount
1) market value or Sale deed
2) stamp duty value
@@vpstca Thank you for your reply, Sir
Is the stamp duty value mentioned on Index 2?
On my Index 2, I see market value (say 35 lakh) and transaction amount (say 50 lakh). The amount of "stamp-duty" I paid is 6% of transaction amount (6% of 50 lakh).
For getting benefit under 80EEA, what value should I consider as a "stamp duty value" of my property - transaction amount (50 lakh) OR market value (35 lakh) OR is the stamp duty value the 6% "stamp-duty" I paid? I am confused
Please advise
Renovation ke 2020me loan liya hai 80 eea me chhut mil jayegi
No
Sir mera int amt 209482 hai to me 24 2lac ded milega or baki amount sec 80eea me 150000 dalneka kya balance amt dalneka
80EEA mae balance amount only i.e Rs 9482
Sir or principal amt hai 17999 wo kaha pe dikhane ka or principal amt ka ded 150000 hai na
@@harshadapawar8292 yes principal amount cover u/s 80C upto Rs 1.50 Lakh
Pura 150000dalne ka
In 80C you can't claim more than Rs 1.50 Lakh form LIC, Home Loan Principal, PPF etc so please check accordingly
Very well explained sir.
Sir I have one question about claiming deduction under section 80EEA. I have taken loan housing loan from the bank in 2020 for purchase of flat for which I have paid interest of Rs 261000 in P.Y. 23-24. And I have taken a top up loan also for the same flat for which I have paid interest of Rs 9000 in P.Y. 23-24.Can I claim interest Rs 9000 also for the top up loan or only the loan which I have taken before for which I have paid Rs 261000 as interest in P.Y. 23-24? Please reply sir🙏🙏 It will help me to take a decision
Top up loan you can take upto Rs 30000 only if it is for repairs and renovation
@@vpstca thank you very much sir for the reply🙏🙏 If I had not taken it for repair and renovation can I claim the deduction?
@@swapnilchondhe8804 no
@@vpstca thank you very much sir 🙏🙏
Home loan interest छूट केवल 50000 ही ले रहा है पोर्टल
@@premmohan4250 share your income details?