Tax deductions List: How much income tax exemption is available to home loan borrowers, check full list of deductions


ITR Filing Rules After a few days you will start preparing for ITR filing. If you have taken a home loan, do you know what are the tax deduction and exemption rules on it?

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If you are preparing to file ITR, then we have important information for you . Do you know that it is very much needed while filing ITR . For this in ITR filing under Section 80EEA, you can take the benefit of deduction up to 1.50 lakhs.

Let us try to understand what are its rules and what are the points where you can get benefits under it.

Whether deduction under section 80EEA is available only for the year the property was purchased or till the time we pay the interest? (Is it available during the entire tenure of the loan)

Section 80EEA was introduced in the 2019 budget, with a provision for deduction of up to 1.50 lakhs. In this a person can claim interest on home loan subject to certain conditions, but there is a condition. Actually, this deduction is available to you if your home loan was sanctioned during the period from 1 April 2019 to 31 March 2022 and the condition is that the stamp duty of the house purchased does not exceed Rs 45 lakh.

You should not have any other house either. The loan should have been taken from a bank or housing finance company.

This clearly means that the deduction is available on the date of sanction of the home loan and not on the date of its repayment. The date of purchase or completion of construction of the house property is also irrelevant.

You can claim this deduction during the construction period, if you had claimed the deduction of interest on home loan under section 24 in the under-construction category. In this case this deduction is available for the entire tenure of the home loan. You can claim it as long as you are repaying the home loan.

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