Deduction of payment of interest and principal – House Property under Section 24(b) of IT Act :
Maximum limit of interest on loan taken for house property is 2,00,000/- if all of the following conditions are fulfilled- →The house property is self-occupied or vaccant,
→The loan must be taken for the purchase and/or construction: →The loan must be taken on or after 01.04.1999.
→The purchase or construction must be completed within 5 years from the end of the financial year in which the loan was taken. If any of the above conditions is not met then the deduction
u/s 24(b) will be limited to 30,000/-
The deduction of interest on pre-construction loan taken on house property will be allowed in 5 equal instalments from the in year 7,
which construction is complete twitter: caanuragwriter Section 80EE Additional deduction of interest on loan for House Property:-
→ Loan must be sanctioned between 01.04.2016 to 31.03.2017.
→Loan taken must be € 35,00,000/- or less and value of property must be € 50,00,000/- or less. [insta concept. decoded]
→ Deduction upto 50,000 over and above the deduction u/s 24(b). →Should be for the first house property.
Section 80 EEA- Deduction on Int. on Affordable Housing:-
→Int. on loan taken is limited to 1,50,000/- over and above the deduction u/s 24(b).
→ Stamp duty value of the house should be ž 45 lakhs or less;
→Taxpayer cannot avail deduction u/s 80 EEA if he/she has availed deduction u/s 80EE.
→Deduction is for first House Property
Loan must be sanctioned between 01.04.2019 and 31.03.2022.
Principal repayment of loan on House Property :- Deduction is covered u/s 80c as per the limit specified u/s 80C.