Affordable Housing Projects
The deduction is available to first-time homebuyers who take a home loan for the purchase of an affordable housing projects.
An affordable housing property is a residential property whose stamp duty value does not exceed Rs. 45 lakh.
The maximum allowable deduction can cappe at Rs. 1.5 lakh per financial year. It can claim for home loans sanctioned by financial institutions between 1st April 2019 and 31st March 2022.
To be eligible for the deduction, the taxpayer must meet the following conditions:
1. They must be a first-time homebuyer.
2. They must not own any residential property (self-occupied or let-out) at the time of sanctioning the home loan.
3. The property must be an affordable housing property.
4. The approval of the home loan should be granted by a financial institution.
The deduction can be claimed by submitting the following documents along with the ITR:
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Loan agreement
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Property registration documents
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Proof of identity and address
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Proof of income
The deduction under Section 80EEA is a great way to save money on your taxes if you are a first-time homebuyer who is purchasing an affordable housing property.
To visit: https://www.mca.gov.in/
For further details access our website: https://vibrantfinserv.com
