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 EEASection 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?Your Feedback Matters! How was this Answer?
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Authors Of The Question
What is Section 80 EEA?
pratima
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2 Year
2022-04-06T19:05:44+00:00 2022-04-11T12:50:18+00:00Comment
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