If you are thinking of buying a house, then this news can be useful for you. Today i.e. from April 1, 2022, there will be no big discount on the home loan.
New Delhi: These days the country is battling rising inflation. In such a situation, now it has become expensive to take home. In fact, first-time homebuyers who are availing annual tax exemption on payment of interest of Rs.3.50 lakh on repayment of home loan. They are going to get a setback from today i.e. 1st April 2022. The central government is going to stop giving the benefit of additional tax exemption under section 80EEA to first-time home buyers.
No discount on home loan
You will not get this additional exemption of Rs 1.5 lakh on a home loan from today as the government has not extended this tax exemption period. In Budget 2022, the government did not announce the extension of this tax exemption deadline. Because of this, the benefit of this exemption on home loans will not be available in the new financial year i.e. 2022-23. This tax exemption on home loans was available from 1st April 2019 to 31st March 2022 to make home prices affordable.
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The relaxation was approved in the 2019 budget
Explain that in Budget 2019, Union Finance Minister Nirmala Sitharaman had extended the income tax benefit under section 80EEA till 31 March 2022 to make house prices affordable, allowing home buyers to claim income tax exemption. Went. According to this, if the stamp duty of the house property is less than Rs 45 lakh, then you can claim an income tax exemption of up to Rs 1.50 lakh in the interest payment of the home loan.
We will continue to get these deductions
Two major deductions will continue to be available on the home loan as before. Firstly, a deduction of up to Rs 2 lakh will be available under section 24(b). It is available on home loan interest. Second, a deduction of up to Rs 1.5 lakh will continue to be available under section 80C.
