Buying a house under ₹45 lakh? You can avail extra ₹1.5 lakh tax exemption on home loans
If you are planning a home under affordable housing scheme of ₹45 lakh, you can get additional deduction for the interest paid on the affordable housing up to ₹1.5 lakh under Section 80EEA of the Income Tax Act
To boost consumption amid a global pandemic, the finance minister Nirmala Sitharaman announced a slew of measures for reality sector and homebuyers in Budget 2021. The tax exemption on affordable housing has been extended for a year. In July 2019 Budget, the central government provided an additional income tax deduction of up to ₹1.5 lakh for home loans to purchase an affordable housing. Now, the eligibility of this tax deduction has been provided till 31 March, 2022.