Section 80EEA of Income Tax Act "Deduction in respect of interest on loan taken for certain house property"
80EEA. (1) In computing the total income of an assessee,
being an individual not eligible to claim deduction under
section 80EE, there shall be deducted, in accordance with
and subject to the provisions of this section, interest
payable on loan taken by him from any financial institution
for the purpose of acquisition of a residential house
property.
(2) The deduction under sub-section (1) shall not exceed one
lakh and fifty thousand rupees and shall be allowed in
computing the total income of the individual for the
assessment year beginning on the 1st day of April, 2020 and
subsequent assessment years.
(3) The deduction under sub-section (1) shall be subject
to the following conditions, namely:-
(i) the loan has been sanctioned by the financial
institution during the period beginning on the 1st day of
April, 2019 and ending on the 31st day of March, 23[2020];
(ii) the stamp duty value of residential house property does
not exceed forty-five lakh rupees;
(iii) the assessee does not own any residential house
property on the date of sanction of loan.
(4) Where a deduction under this section is allowed for any
interest referred to in sub-section (1), deduction shall not
be allowed in respect of such interest under any other
provision of this Act for the same or any other assessment
year.
(5) For the purposes of this section,-
(a) the expression "financial institution" shall have the
meaning assigned to it in clause (a) of sub-section (5) of
section 80EE;
(b) the expression "stamp duty value" means value adopted or
assessed or assessable by any authority of the Central
Government or a State Government for the purpose of payment
of stamp duty in respect of an immovable property.
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What is Deduction in respect of medical treatment, etc? Section 80DDB of Income Tax Act 1961
Section 80EEA Deduction in respect of interest on loan taken for certain house property
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