Section 80EEA

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The Section 80EEA tax deduction for first-time homebuyers on housing loans expired on March 31, 2022, and is not applicable to loans sanctioned after this date. If your loan was sanctioned in April 2024, you won't be eligible for 80EEA. However, you can still claim deductions on the interest paid under Section 24 and on the principal repayment under Section 80C.

Phanindhra kotha

Phanindhra kotha (Querist)
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13 April 2024 Dear Sir,

i have received a housing loan of 43,00,000, in the month of April - 2024. I need to give investment declaration to my company where i am working.
but the section 80EEA is application for loans sanctioned between 2017 & March 2022.
is there any update with respect to extension of applicability of section 80EEA.
If no, pls kindly suggest me for investment declaration.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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14 April 2024 From April 2022, new income tax rules apply: First-time home buyers will not be eligible to receive tax benefits under Section 80 EEA on new housing loans sanctioned in FY23 and after as the special benefits announced in Budget 2019 expired on March 31, 2022.