{"id":22117,"date":"2022-03-20T00:49:20","date_gmt":"2022-03-19T19:19:20","guid":{"rendered":"https:\/\/carajput.com\/blog\/?p=22117"},"modified":"2022-09-19T15:25:02","modified_gmt":"2022-09-19T09:55:02","slug":"complete-understanding-u-s-80eea-housing-for-all","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/complete-understanding-u-s-80eea-housing-for-all\/","title":{"rendered":"Complete understanding U\/s 80EEA- Housing for All"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69d82f9adf7d2\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69d82f9adf7d2\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/complete-understanding-u-s-80eea-housing-for-all\/#Complete_understanding_Us_80EEA-_Housing_for_All\" title=\"Complete understanding U\/s 80EEA- Housing for All\">Complete understanding U\/s 80EEA- Housing for All<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/complete-understanding-u-s-80eea-housing-for-all\/#Budget_2019\" title=\"Budget 2019:\">Budget 2019:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/complete-understanding-u-s-80eea-housing-for-all\/#Budget_2021_Update\" title=\"Budget 2021 Update:\">Budget 2021 Update:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/complete-understanding-u-s-80eea-housing-for-all\/#Section_80EEA_Section_24\" title=\"Section 80EEA &amp; Section 24\">Section 80EEA &amp; Section 24<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/complete-understanding-u-s-80eea-housing-for-all\/#What_is_section_80EEA_Exemption\" title=\"What is section 80EEA Exemption?\">What is section 80EEA Exemption?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/complete-understanding-u-s-80eea-housing-for-all\/#What_is_eligibility_under_section_80EEA_deduction\" title=\"What is eligibility under section 80EEA deduction?\">What is eligibility under section 80EEA deduction?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/complete-understanding-u-s-80eea-housing-for-all\/#Who_can_claim_Us_80EEA_deduction_Under_Income_tax\" title=\"Who can claim U\/s 80EEA deduction Under Income tax? \">Who can claim U\/s 80EEA deduction Under Income tax? <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/complete-understanding-u-s-80eea-housing-for-all\/#Who_qualifies_as_a_first-time_homebuyer_as_per_the_80EEA\" title=\"Who qualifies as a first-time homebuyer as per the 80EEA ?\">Who qualifies as a first-time homebuyer as per the 80EEA ?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carajput.com\/blog\/complete-understanding-u-s-80eea-housing-for-all\/#What_is_the_deduction_available_under_section_80EEA\" title=\"What is the deduction available under section 80EEA ?\">What is the deduction available under section 80EEA ?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/carajput.com\/blog\/complete-understanding-u-s-80eea-housing-for-all\/#What_is_the_ceiling_for_the_Us_80EEA_deduction\" title=\"What is the ceiling for the U\/s 80EEA deduction?\">What is the ceiling for the U\/s 80EEA deduction?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/carajput.com\/blog\/complete-understanding-u-s-80eea-housing-for-all\/#What_time_frame_is_covered_by_80EEA\" title=\"What time frame is covered by 80EEA?\">What time frame is covered by 80EEA?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/carajput.com\/blog\/complete-understanding-u-s-80eea-housing-for-all\/#What_are_the_conditions_for_claiming_the_benefit_us_80EEA\" title=\"What are the conditions for claiming the benefit u\/s 80EEA ?\">What are the conditions for claiming the benefit u\/s 80EEA ?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Complete_understanding_Us_80EEA-_Housing_for_All\"><\/span><span style=\"color: #000080;\"><strong>Complete understanding U\/s 80EEA- Housing for All<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Budget_2019\"><\/span><span style=\"color: #000080;\"><strong>Budget 2019:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-22119\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/03\/Complete-understanding-section-80EEA-Housing-for-All.png\" alt=\"Complete understanding section 80EEA Housing for All\" width=\"767\" height=\"419\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/03\/Complete-understanding-section-80EEA-Housing-for-All.png 304w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/03\/Complete-understanding-section-80EEA-Housing-for-All-300x164.png 300w\" sizes=\"(max-width: 767px) 100vw, 767px\" \/><\/p>\n<ul>\n<li>Introduction in the 2019 Budget, Section 80EEA allows first-time home buyers to save an additional Rs 1.50 lakh per year on home loan interest expenses If they buy a &#8216;affordable property. The deduction u\/s 80EEA is in excess of the INR 2,00,000\/- maximum allowed u\/s 24. (b). But Under Section 80EEA deduction is tied to the cost of the house and is available on purchases up to Rs 45 lakhs.<\/li>\n<li>The carpet area of a residence determines its affordability. If a unit is located in a metropolitan city, the carpet area must not exceed 645 square feet (60 square metres) in order for the owner to receive the Section 80EEA advantage. Carpet area has been limited to 968 sq ft or 90 sq metres for flats in any other city.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Budget_2021_Update\"><\/span><span style=\"color: #000080;\"><strong>Budget 2021 Update:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>The government has officially extended the interest deduction permitted for low-cost housing loans obtained between April 1, 2019 and March 31, 2022, in order to achieve the goal of &#8220;Housing for All.&#8221; Update on the Budget for 2021: The tax break for low-income housing projects has been extended until March 31, 2022.<\/li>\n<li>Income tax: Starting April 1, 2022, the government will no longer provide an income tax benefit to first-time home buyers under Section 80EEA. In Budget 2019, the government granted an additional 1.50 lakh income tax credit for home loan borrowers who pay stamp duty up to 45 lakh for their first property. This facility was extended for another year in the budgets of 2020 and 2021, respectively.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Section_80EEA_Section_24\"><\/span><span style=\"color: #000080;\"><strong>Section 80EEA &amp; Section 24<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>If the owner or his family resides in the house property, homeowners can claim a deduction for interest payments on their home loan up to INR 2,00,000\/- u\/s 24 of income Tax Act. Even if house is uninhabited, a deduction of up to INR 2,00,000\/-is available. The entire home loan interest can be deducted if the property has been rented out.<\/li>\n<li>You can claim advantages under both Section 24 &amp; Section 80EEA of the Income Tax Act if you meet the requirements of both sections.<\/li>\n<li>First, use up your Rs 2 lakh deductible limit under Section 24. Then, U\/s 80EEA we can claim additional benefits. As a result, this deduction is in addition to the Section 24 will be limit of Rs 2 lakh.<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-22118\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/03\/Picture1.jpg\" alt=\"80EEA\" width=\"840\" height=\"238\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/03\/Picture1.jpg 621w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/03\/Picture1-300x85.jpg 300w\" sizes=\"(max-width: 840px) 100vw, 840px\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_section_80EEA_Exemption\"><\/span><span style=\"color: #000080;\">What is section 80EEA Exemption?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"color: #000080;\">Deduction under the <span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/carajput.com\/publications\/basic-guidelines-on-the-application-of-income-tax-act.pdf\">Income tax act<\/a><\/span> 1961 for interest paid on housing loan<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-22121\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/03\/carousel_Home_loan_articl.jpg\" alt=\"Home_loan\" width=\"822\" height=\"317\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/03\/carousel_Home_loan_articl.jpg 822w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/03\/carousel_Home_loan_articl-300x116.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/03\/carousel_Home_loan_articl-768x296.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/03\/carousel_Home_loan_articl-800x309.jpg 800w\" sizes=\"(max-width: 822px) 100vw, 822px\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_eligibility_under_section_80EEA_deduction\"><\/span><strong><span style=\"color: #000080;\">What is eligibility under section 80EEA deduction?<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Budget, 2019, Specified Eligibility to avail of advantage u\/s 80EEA.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Who_can_claim_Us_80EEA_deduction_Under_Income_tax\"><\/span><strong><span style=\"color: #000080;\">Who can claim U\/s 80EEA deduction Under <span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.caindelhiindia.com\/blog\/mandatory-filing-of-income-tax-return-ay-2022-23\/\">Income tax<\/a><\/span>?<\/span> <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Only 1<sup>st<\/sup> time house buyers can take the advantage under this Section 80EEA, as it particularly mention that at time of issue of the housing loan borrower should not own any other residential property.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Who_qualifies_as_a_first-time_homebuyer_as_per_the_80EEA\"><\/span><span style=\"color: #000080;\"><strong>Who qualifies as a first-time homebuyer as per <\/strong><\/span><span style=\"color: #000080;\"><strong>the 80EEA <\/strong><\/span><span style=\"color: #000080;\"><strong>?<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>A 1st time house buyer is someone who does not have a home in his name when he applies for a mortgage. Even if his parents own homes a working person, even if unmarried is deemed a distinct household for tax benefit and thus a 1st time home buyer.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_deduction_available_under_section_80EEA\"><\/span><span style=\"color: #000080;\"><span style=\"color: #000080;\">What is the deduction available under section <\/span><\/span><span style=\"color: #000080;\"><strong>80EEA <\/strong><\/span><span style=\"color: #000080;\"><strong>?<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Only home loan interest payments are eligible for a deduction under section 80EEA.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_ceiling_for_the_Us_80EEA_deduction\"><\/span><span style=\"color: #000080;\"><strong>What is the ceiling for the U\/s 80EEA deduction?<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Annual deduction limit is INR 1,50,000\/-.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_time_frame_is_covered_by_80EEA\"><\/span><span style=\"color: #000080;\">What time frame is covered by 80EEA?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The Benefits are available to borrowers whose home loans, when it were approved between April 1, 2019 to March 31, 2022.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_conditions_for_claiming_the_benefit_us_80EEA\"><\/span><span style=\"color: #000080;\"><strong>What are the conditions for claiming the benefit u\/s 80EEA ?<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>There are a some prerequisite for applied to claim the tax relaxation that comes u\/s 80EEA income tax act. They are as follows-<\/p>\n<ul>\n<li>A loan from a house finance business or FI is required to purchase a residential housing property.<\/li>\n<li>An individual cannot be a claimant of the Section 80EE deduction.<\/li>\n<li>Stamp duty on a residential property must be less than 45 lakhs.<\/li>\n<li>This must be the buyer&#8217;s first purchase. If he or she has a house registered in their name, they will be ineligible for the Section 80 EEA deduction.<\/li>\n<li>House loan must be claimed between April 1st, 2019 and March 31st, 2021.<\/li>\n<li>Carpet area of a residential property in a metropolitan city must be greater than 645 sq ft or 60 metres.<\/li>\n<li>In other cities, the carpet area of a residential site cannot exceed 968 square feet (90 metres).<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Complete understanding U\/s 80EEA- Housing for All Budget 2019: Introduction in the 2019 Budget, Section 80EEA allows first-time home buyers to save an additional Rs 1.50 lakh per year on home loan interest expenses If they buy a &#8216;affordable property. The deduction u\/s 80EEA is in excess of the INR 2,00,000\/- maximum allowed u\/s 24. &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[2786],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/22117"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=22117"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/22117\/revisions"}],"predecessor-version":[{"id":23292,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/22117\/revisions\/23292"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=22117"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=22117"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=22117"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}