New Introduce Income Tax Section 80EEA: Special Deduction for home buyers purchasing House property up to Rs.45 Lakhs
A new section has been proposed to be inserted in Chapter VI A deductions under Section 80. This section is Section 80EEA which allows an additional deduction to tax payers for paying interest on a home loan availed by them. While Section 24 allowed for interest exemption on home loans up to INR 2 lakhs, this section allows an additional exemption of INR 1.5 lakhs to home buyers who avail a home loan and pay interest on the loan. The terms of this deduction are as follows –
- The loan should be taken for buying a house property
- The loan should be taken from a financial institution
- Loan should be taken between 1st April 2019 and 31st March 2020
- The stamp duty value of the house should be within INR 45 lakhs
- The tax payer should not own any other house in his/her name prior to availing the home loan
- The carpet area of the house should be up to 60 square meters in metro cities and 90 square meters in non-metro cities
The motto of introducing this section is to promote affordable housing for every individual by granting higher tax relief’s.
The feature of this Excel Utility is the following:-
1) This Excel Utility can prepare automatic Tax Calculation as per new Finance Budget 2019
2) The Salary Structure as per the Bihar State Govt employees Salary Pattern
3) Automated Individually Salary Sheet for each Employee
4) Automated Income Tax Salary Sheet for each Employee
5) This Excel Utility calculate your House Rent Exemption Calculation U/s 10(13A)
6) Automated Income Tax Form 12 BA
7) Automated Income Tax Form 16 Part A&B for F.Y. 2019-20 in New Format
8) Automated Income Tax Form 16 Part B for the F.Y. 2019-20 in New Format
