Income tax calculator: How to claim section 80EEA benefit buying home in FY23
Income tax calculator: Tax benefit under Section 80EEA hasn't been extended in Budghet 2022 that means new home buyers will have to pay more income tax from next financial year
Income tax calculator: In Budget 2021, Union Finance Minister Nirmala Sitharaman had extended income tax benefit under Section 80EEA till 31st March 2022 that allowed home buyers (who do not own any house at the time of home loan sanction) to claim income tax exemption on up to ₹1.50 lakh home loan interest payment in one's home loan EMI, provided the house property is priced below ₹45 lakh. But, this benefit hasn't been extended in Budget 2022 that means new home buyers will have to pay more income tax from next financial year. However, if a taxpayer is mulling to buy home in net financial year, he or she can still avail this income tax benefit while filing one's income tax return in next fiscal. What the home buyer need is to get its loan approved in current financial year and buy home in next financial year.