The Government did not extend the additional income tax benefit being given to the home loan borrowers under Section 80EEA. So, from 1st April 2022, first time home buyers won't be able to claim the additional income tax benefits on up to ₹1.50 lakh home loan interest payments under Section 80EEA of the Income Tax Act.
Section 80EEA of the Income Tax Act was introduced by the Centre for those buying their first home under the affordable housing segment.
The additional tax deduction available for affordable housing under Section 80EEA of the Income Tax Act, 1961 has been removed from April 1, 2022.
In the Union Budget 2022-23, the government had announced its decision to do away with this tax break. Under section 80EEA, an individual was allowed to claim an additional deduction of Rs 1.5 lakh over and above the Rs 2 lakh deduction available under Section 24 of the Income Tax Act, on the interest paid on a home loan under the affordable housing segment.
So, if someone availed of an affordable housing loan before March 31, he or she could have claimed a maximum deduction of Rs 3.5 lakh for the interest paid, using Section 24 and Section 80EEA of the I-T Act.
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