Experience The NoBrokerHood Difference!

Set up a demo for the entire community

Thank You For Submitting The Form
Home / Legal / Documentation / What is Section 80 EEA?
Q.

What is Section 80 EEA?

view 753Views

2 Year

Comment

1 Answers

Send
0 2022-04-06T19:17:39+00:00
⤺ Reply

Hi Friend,

I would like to share that I was highly elated with the provisions of section 80 EEA of income tax act. As I was a first-time home buyer, and was eligible to claim benefits out of this section.

The Prime Minister Narendra Modi-led NDA administration launched its centrepiece' Housing for All by 2022' programme in its first term, which began in 2014. With the same goal in mind, it recently announced the introduction of the Pradhan Mantri Awas Yojana (PMAY), which will provide subsidies to encourage people to buy homes. 

Finance Minister Nirmala Sitharaman proposed the income tax section 80EEA in the 2019 Union Budget with the goal of boosting the center's 'Housing for All by 2022' initiative by providing greater tax benefits on the acquisition of inexpensive dwellings.

What is section 80 EEA

Section 80EEA allows home buyers to deduct up to Rs 1.50 lakh from their taxable income each year. The benefits to first-time house purchasers in India are provided under Section 80EE and Section 80EEA, in addition to the incentives received by other categories of buyers.

In a simpler way, on acquiring an 'affordable property,' Section 80EEA would allow first-time home buyers to save an additional Rs 1.50 lakh per year on home loan interest expenses.

According to the 80EEA, who qualifies as a first-time homebuyer?

A first-time house buyer is someone who does not have a home in his name when he applies for a home loan. 

What time period is covered by the 80EEA?

Benefits are available to borrowers whose home loans were approved between April 1, 2019, and March 31, 2022.

I hope this answer suffices for your query of what is section 80 EEA of income tax act.

For any legal queries regarding property buy and sell, check out NoBroker legal assistance service.

Read More:

What Is 80EE In Income Tax? What Is 80CCC In Income Tax?

Shifting, House?

✔

Lowest Price Quote

✔

Safe Relocation

✔

Professional Labour

✔

Timely Pickup & Delivery
inline_cards

Intercity Shifting-Upto 25% Off

Check Prices

inline_cards

Intracity Shifting-Upto 25% Off

Check Prices

inline_cards

City Tempo-Upto 50% Off

Book Now

Most Viewed Questions

I Want My Shop To Be Rented for Bank ATMWhat is the difference between sales agreement and sales registration?What is the Unregistered Sale Agreement Validity Period?How much is stamp duty and registration in Mumbai?Can a Property be Registered in Two Names?How is betterment charges/improvement charges calculated for an apartment? Is it calculated based on UDS or the Built Up area? Is it a one time payment? And if the BC/IC is paid by the builder for land before construction do we need to pay it again for apartment?Can GPA Holder Register Property in His Own Name?What is the difference between the registration of agreement of sale and sale deed?What happens when someone dies before completing an agreement to sale an immovable property?Difference Between Sale and Exchange?See All

Recently Published Questions

What are the Property Buying Rules?What are the Documents Required for Flat Transfer?How to Sell a Property to a Family Member?How Long Does It Take to Get Patta in Chennai?What is the cost to register a gift deed?What is the process of cancellation of the Sale Deed?What is the difference between contract and agreement?What is Sale Deed Registration?How to Stop Someone Selling Your Property?How to Get Consent Deed for Mother Deed?See All

Authors Of The Question

profile
Asmita Parekh

0 Total Answers


0


profile

Recently Answered Questions

Why did My Credit Score Go Down when Nothing Changed? In the Sale Agreement and Khata we have both mine and my wife's maiden name. But now she has changed her name and taken my surname. Do I need to make the relevant changes in Sale Agreement and Khata? If yes what is the process. Pet Rules in Housing Society? How to rent 150sq.fit commercial property for bank ATM Where do you download a manual for your home maintenance ? What Are The Reviews of Hiranya Apartments, Raja Annamalai Puram, Chennai? How To Deal With Late Rent Payment? How To Install Drywall? I am not getting the owner number. What should I do? What Are The Reviews Of Crescent Villa, Vasanth Nagar, Bangalore?
Flat 25% off on Home Painting
Top Quality Paints | Best Prices | Experienced Partners