House loan interest deduction up to 3,50,000

Get House loan interest deduction up to 3,50,000

अब मिलेगी 3,50,000 तक की छूट
Budget 2019, Save Tax Up to Rs 109200
Housing Loan Deduction, Increased From 200000 to 350000

1) The union budget 2019 has introduced a new section 80EEA to extend the tax benefits of the interest deduction up to Rs 1,50,000

Analysis if both Sec 24 and Sec 80 EEA is Availed
Tax Slab Exemption Amount Tax Component Cess @ 4% Total tax Saved
5% 350000 16500 700 17200
20% 350000 70000 2800 72800
30% 350000 105000 4200 109200


Analysis of New Section 80 EEA if Availed
Tax Slab Exemption Amount Tax Component Cess @ 4% Total tax Saved
5% 150000 7500 300 7800
20% 150000 30000 1200 31200
30% 150000 45000 1800 46800

 Conditions for claiming the deduction

• Housing loan must be taken from a financial institution or a housing finance company for buying a residential house property.
• Loan should be taken between between 1st April 2019 to 31st March 2020.
• House should be residential purpose and self occupied.
• Stamp duty value of the house property should be Rs 45 lakhs or less.
• The taxpayer should not own any residential house property as on the date of sanction of the loan.
• The deduction under this section is available only to individuals