How to Claim Tax Benefits Under Section 80 EEA? |

Section 80EEA allows an additional deduction of up to INR 1.5 lakh to individual borrowers. This deduction is over and above INR 2,00,000 allowed under Section 24. In this episode of Property Pundits, CA Alakto Majumder, Partner, AGMS & Co, shares various requisites to avail tax benefits under Section 80 EEA. These are:

The taxpayer must be an individual
The loan must be availed from a financial institution
The loan must be for a residential property
Loan sanctioned period: b/w FY 2019 to 2022
The value of the property must not exceed INR 45 lakh
Individual must be the first-time homebuyer

However, remember that you cannot claim benefits under Section 88 EE and Section 88 EEA simultaneously.