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Home Loan Benefits Income Tax FY 2023-24 II Section 24 II Section 80EEA II

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New Tax Regime Benefits and Deductions
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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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Опубликовано:

6 сен 2024

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Комментарии : 54

@satyajitdas6996 2 месяца назад

Nice explanation of all the relevant provisions related to HP. Must watch for all house owners. Keep it up. Thanks.

@projector2623 Месяц назад

U explane in very simple way, point to point thanks

@LakshitaGupta-v1n Месяц назад

very usefull information thanks

@prasanthkumar1895 4 дня назад

Hi Sir, Appreciate your efforts and its so clear.. Nice explanation !! One doubt .. need your help , When loan amount is 32 Lakhs and Property value with stamp is below 45 Lakhs & its purchased between Jan 2023 - Dec 2023. Are they Eligible to apply Section 24 and 80 EEA? I see 80 EEA is applicable till March 2022 .. Is there any restrictions for claiming Section 24 as well like - we should take loan before March 2022 ? How about those purchased property on 2023 or after April 2022 till March 2024? Purchased between Jan to December 2023: EMI is about 25000 per month(3 Lakhs), in which interest is about 23000 per month(2 lakhs 76 000) and principal is about 24000 year. Can he claims on Section 24 2 Lakhs and 76000 in 80 EEA? // // Purchased and Loan taken on the year 2023 He has Insurance of about 1.5 Lakhs so principal repayment of 24000 can't be added as it exceed 1.5 Lakhs?

@vikramsinghmanhas9411 2 месяца назад

Thank you for your information

@ashwinkumartompe5811 4 месяца назад

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.

@vpstca 4 месяца назад

You can claim home loan interest deduction only after completion in next 5 years in equal instalment

@niyamagaming8187 2 месяца назад

But let out property me bhi max 2 lakh h waha 2 lakh se jyada fill ni karne diya ja raha is fy se

@vpstca 2 месяца назад

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

@Tejashi5 Месяц назад

Thanks for the info.!! Every year we can take the benefit under 80EEA or we can claim this only for 5 years from 2019 ??

@vpstca Месяц назад

Section 88EEA exemption can be availed for five consecutive financial year starting from the year the loan was taken

@ajagir72 Месяц назад

what is stamp duty value of property? Is it same as agreement value of property? OR is it the market value of property?

@vpstca Месяц назад

@@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

@vpstca Месяц назад

@@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

@ajagir72 Месяц назад

@@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

@vikasgupta-fz2dp 18 дней назад

@@ajagir72I have the exact same doubt, please clarify if you got the answer to this. And you claiming deduction for 80eea?

@prateek261 2 месяца назад

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?

@vpstca 2 месяца назад

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

@manjusv2560 Месяц назад

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

@manjusv2560 Месяц назад

Is tranfer of home loan to other bank considered as fresh hoam loan or existing loan

@suntech9162 Месяц назад

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?

@sukit7603 Месяц назад

%share kaise count karey, 100%emi mai hi bher raha.

@prateek261 3 месяца назад

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?

@vpstca 3 месяца назад

Yes whatever the interest amount for preconstuctin period by divide gin 5 equal instalment

@prashanthhm3269 Месяц назад

how to fill in the pre emi interest amount as well as post possession interest amount in ITR

@MittalEnterprises-tz4nh Месяц назад

can i claim 80eea if i am first time home buyer but joint owner is second time buyer

@NEERAJSHARMA-pb4vb Месяц назад

Sir self occupied krne pr HRA pe bhi bacha skte han kya ...

@vpstca Месяц назад

Yes

@Harshit652 6 месяцев назад

Sir thnx for good information by covering both regimes❤

@singharjuna1983 4 месяца назад

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

@vpstca 4 месяца назад

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

@swapnilchondhe8804 2 месяца назад

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

@vpstca 2 месяца назад

Top up loan you can take upto Rs 30000 only if it is for repairs and renovation

@swapnilchondhe8804 2 месяца назад

@@vpstca thank you very much sir for the reply🙏🙏 If I had not taken it for repair and renovation can I claim the deduction?

@vpstca 2 месяца назад

@@swapnilchondhe8804 no

@swapnilchondhe8804 2 месяца назад

@@vpstca thank you very much sir 🙏🙏

@AwdheshKumar-jc7yl 2 месяца назад

Let out property par hi benefit kyo diya jata hai?

@vpstca 2 месяца назад

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

@manojprasad3492 Месяц назад

Sir, maine property Dec 2022 me liya tha, muje Kis section me benefit milega

@vpstca Месяц назад

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

@deepak_kapil 2 месяца назад

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?

@vpstca 2 месяца назад

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