{"id":9133,"date":"2022-12-28T11:15:56","date_gmt":"2022-12-28T11:15:56","guid":{"rendered":"https:\/\/www.homebazaar.com\/knowledge\/?p=9133"},"modified":"2025-01-13T08:28:06","modified_gmt":"2025-01-13T08:28:06","slug":"things-to-know-about-80eea-deduction-for-income-tax-on-home-loans","status":"publish","type":"post","link":"https:\/\/www.homebazaar.com\/knowledge\/things-to-know-about-80eea-deduction-for-income-tax-on-home-loans\/","title":{"rendered":"Latest 80EEA Deduction For Income Tax On Home Loans 2025"},"content":{"rendered":"<h2><b>Section 80EEA<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Section 80EEA deduction is for <\/span><span style=\"font-weight: 400;\">first-time home buyers to get additional income tax deductions of up to \u20b9 1.50 lakhs annually on home loan interest payments.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Home buyers can Declaim the deduction until the loan is fully repaid.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, there are various criteria to go through to use this deducted amount in a legal and verified way.<\/span><\/p>\n<h3><b>No. of times a home buyer can claim for section 80EEA<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">First-time home-buyers can claim the deduction under 80EEA till he\/she has repaid their home loan.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">And this is kind of advantage as well for them to use 80EEA during the duration of home loan repayment.<\/span><\/p>\n<h2><b>Eligibility criteria for 80EEA Deduction 2024<\/b><\/h2>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-9135 size-full\" src=\"https:\/\/homebazaar-blog.s3.ap-south-1.amazonaws.com\/knowledge\/wp-content\/uploads\/2022\/12\/28101825\/Eligibility-criteria-for-80EEA.jpg\" alt=\"Eligibility criteria for 80EEA Deduction\" width=\"810\" height=\"391\" srcset=\"https:\/\/homebazaar-blog.s3.ap-south-1.amazonaws.com\/knowledge\/wp-content\/uploads\/2022\/12\/28101825\/Eligibility-criteria-for-80EEA.jpg 810w, https:\/\/homebazaar-blog.s3.ap-south-1.amazonaws.com\/knowledge\/wp-content\/uploads\/2022\/12\/28101825\/Eligibility-criteria-for-80EEA-300x145.jpg 300w, https:\/\/homebazaar-blog.s3.ap-south-1.amazonaws.com\/knowledge\/wp-content\/uploads\/2022\/12\/28101825\/Eligibility-criteria-for-80EEA-768x371.jpg 768w, https:\/\/homebazaar-blog.s3.ap-south-1.amazonaws.com\/knowledge\/wp-content\/uploads\/2022\/12\/28101825\/Eligibility-criteria-for-80EEA-750x362.jpg 750w\" sizes=\"(max-width: 810px) 100vw, 810px\" \/><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><strong><em>Only first-time home buyers can take advantage of Section 80EEA<\/em><\/strong>. And this limits the other individuals or sectors to be eligible for 80EEA.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Over to that first-time home-buyers should be those who don&#8217;t hold property in their name at the time of appealing for a home loan. And this is the actual point that is noticed and verified before providing 80EEA benefits.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">As the law does not specify whether the home buyer has to be an Indian resident to claim the deduction. Tax experts have also given the clarification that even non-residents can use section 80EEA for deduction against home loan interest payments.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><em>HUFs, partnership firms, companies, or any other <\/em>type of taxpayers can\u2019t take advantage of Section 80EEA.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Loan sanctioned date should be in between 1st April 2023 and 31st March 2024.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The stamp duty property value should go a maximum of Rs. 45 lakhs.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Home buyers should not have benefited from any deduction under section 80EE.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">And the loan should be sanctioned by a financial institution.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Property located in metro-cities should not go beyond a 645 sq. ft carpet area. Some of the listed metro cities are Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, etc.<\/span><\/li>\n<\/ul>\n<p><b>Note:<\/b><\/p>\n<p><i><span style=\"font-weight: 400;\"><a href=\"https:\/\/www.homebazaar.com\/\">Homebazaar<\/a> serves homebuyers searching for flats in India with end-to-end services like site visits, and lower-interest home loans to property registration guidance. We provide the best price options &amp; offers for 1 to 4 BHK RERA-registered flats, villas &amp; penthouse properties in India. To begin a smooth homebuying journey with us, fill out the form mentioned below or on the right side.<\/span><\/i><\/p>\n<h2><b>Needed Documents for 80EEA Deduction 2025<\/b><\/h2>\n<p><img decoding=\"async\" class=\"alignnone wp-image-9136 size-full\" src=\"https:\/\/homebazaar-blog.s3.ap-south-1.amazonaws.com\/knowledge\/wp-content\/uploads\/2022\/12\/28102126\/Needed-Documents-for-80EEA.jpg\" alt=\"Needed Documents for 80EEA Deduction\" width=\"810\" height=\"391\" srcset=\"https:\/\/homebazaar-blog.s3.ap-south-1.amazonaws.com\/knowledge\/wp-content\/uploads\/2022\/12\/28102126\/Needed-Documents-for-80EEA.jpg 810w, https:\/\/homebazaar-blog.s3.ap-south-1.amazonaws.com\/knowledge\/wp-content\/uploads\/2022\/12\/28102126\/Needed-Documents-for-80EEA-300x145.jpg 300w, https:\/\/homebazaar-blog.s3.ap-south-1.amazonaws.com\/knowledge\/wp-content\/uploads\/2022\/12\/28102126\/Needed-Documents-for-80EEA-768x371.jpg 768w, https:\/\/homebazaar-blog.s3.ap-south-1.amazonaws.com\/knowledge\/wp-content\/uploads\/2022\/12\/28102126\/Needed-Documents-for-80EEA-750x362.jpg 750w\" sizes=\"(max-width: 810px) 100vw, 810px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Below is the list of the documents required to claim the 80EEA deduction<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Form 16<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Home loan certificate from the bank.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Bank Account Statement from which the EMI is being paid.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Letter of Home Loan Sanction from the bank.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The person who is claiming for section 80EEA has made a home loan payment. However, the person can claim 80EEA even if it is not present in your form 16 but you have needed documents with you.<\/span><\/p>\n<p>Also check-out &#8211; <a href=\"https:\/\/www.homebazaar.com\/knowledge\/tmc-property-tax-2022\/\">TMC Property Tax 2025- Online Bill Payment<\/a>, <a href=\"https:\/\/www.homebazaar.com\/knowledge\/property-tax-guide-in-india-2022\/\">Property Tax Guide In India 2025 \u2013 Calculation, Types &amp; Online Payment<\/a><\/p>\n<h2><b>Difference between 80EEA and 80EE<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The actual differences between 80EE and 80EEA are mentioned below:<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 <\/span><strong>80EE<\/strong><\/td>\n<td><strong>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 80EEA<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Rs. 50,000 is the maximum deduction amount on the interest portion of the loan EMIs.<\/strong><\/td>\n<td><strong>Rs. 1,50,000 is the maximum deduction amount on the interest portion of the loan EMIs.<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>The maximum loan amount should be Rs. 35 lakhs.<\/strong><\/td>\n<td><strong>No limit on loan value<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Only applicable for the home loan approved in FY 2013-14, FY 2014-15, and FY 2016-17<\/strong><\/td>\n<td><strong>Only applicable for the home loan approved in FY 2020-21 and FY 2021-22<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Maximum rebate amount &#8211; Rs. 50,000<\/strong><\/td>\n<td><strong>Maximum rebate amount &#8211; Rs. 1,50,000<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Lock-in Period &#8211; None<\/strong><\/td>\n<td><strong>Lock-in period &#8211; None<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><b>Can I get benefited under both sections 80EE and 80EEA deduction?<\/b><\/h2>\n<p><img decoding=\"async\" class=\"alignnone wp-image-9137 size-full\" src=\"https:\/\/homebazaar-blog.s3.ap-south-1.amazonaws.com\/knowledge\/wp-content\/uploads\/2022\/12\/28102341\/Can-I-get-benefited-under-both-sections-80EE-and-80EEA.jpg\" alt=\"Can I get benefited under both sections 80EE and 80EEA deduction?\" width=\"810\" height=\"391\" srcset=\"https:\/\/homebazaar-blog.s3.ap-south-1.amazonaws.com\/knowledge\/wp-content\/uploads\/2022\/12\/28102341\/Can-I-get-benefited-under-both-sections-80EE-and-80EEA.jpg 810w, https:\/\/homebazaar-blog.s3.ap-south-1.amazonaws.com\/knowledge\/wp-content\/uploads\/2022\/12\/28102341\/Can-I-get-benefited-under-both-sections-80EE-and-80EEA-300x145.jpg 300w, https:\/\/homebazaar-blog.s3.ap-south-1.amazonaws.com\/knowledge\/wp-content\/uploads\/2022\/12\/28102341\/Can-I-get-benefited-under-both-sections-80EE-and-80EEA-768x371.jpg 768w, https:\/\/homebazaar-blog.s3.ap-south-1.amazonaws.com\/knowledge\/wp-content\/uploads\/2022\/12\/28102341\/Can-I-get-benefited-under-both-sections-80EE-and-80EEA-750x362.jpg 750w\" sizes=\"(max-width: 810px) 100vw, 810px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">First-time Home-buyers are sometimes confused between 80EE and 80EEA deduction. And that is normal as well because both sections have some similarities but with little variations.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Home buyers claiming benefits under section 80EE cannot claim a deduction under <a href=\"https:\/\/incometaxindia.gov.in\/_layouts\/15\/dit\/Pages\/viewer.aspx?grp=Act&amp;cname=CMSID&amp;cval=102120000000076970&amp;searchFilter=[%7B%22CrawledPropertyKey%22:1,%22Value%22:%22Act%22,%22SearchOperand%22:2%7D,%7B%22CrawledPropertyKey%22:0,%22Value%22:%22Income-tax%20Act,%201961%22,%22SearchOperand%22:2%7D,%7B%22CrawledPropertyKey%22:29,%22Value%22:%222021%22,%22SearchOperand%22:2%7D]&amp;k=&amp;IsDlg=0\" rel=\"nofollow noopener\" target=\"_blank\">section 80EEA<\/a><\/span><span style=\"font-weight: 400;\">. And this is the official statement from the guidelines provided by the government.<\/span><\/p>\n<p>Also check-out &#8211; <a href=\"https:\/\/www.homebazaar.com\/knowledge\/bbmp-property-tax\/\">BBMP Property Tax 2024-25: Online Payment Process<\/a><\/p>\n<h2><b>Will Section 80EEA get extended for 2024-25?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The additional tax deduction applicable for affordable housing under 80EEA under Income-tax Act 1961 will not be going to carry forward from April 1, 2022.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is because the government of India in its Budget 2024 proposal has not stated to extend this tax break for the upcoming financial year 2024-25.<\/span><\/p>\n<p>Also check-out &#8211; <a href=\"https:\/\/www.homebazaar.com\/knowledge\/income-tax-rebate-on-home-loan\/\">Income Tax Rebate On Home Loan 2025<\/a><\/p>\n<h2><b>FAQs<\/b><\/h2>\n<table>\n<tbody>\n<tr>\n<td><b>Is every individual eligible to claim an 80EEA deduction?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">First-time home buyers are the only ones who can claim 80EEA.\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>What should be the value of the property to avail advantages of section 80EEA?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The stamp duty property value should be Rs. 45 lakhs or less.<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Can joint owners separately claim for deduction under section 80EEA?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Yes. Each of them can claim a deduction of Rs. 1.50 lakh if all the conditions of the Income Tax Act are met.<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>What do first-time home buyers mean to claim section 80EEA?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">First-time home buyers are the ones who don\u2019t own any of the property while applying for a loan.<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>What kind of properties comes under consideration to claim an 80EEA deduction?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Only residential properties are considered. And loans taken for construction or renovation are not considered for the same.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Section 80EEA Section 80EEA deduction is for first-time home buyers to get additional income tax deductions of up to \u20b9 1.50 lakhs annually on home loan interest payments.\u00a0 Home buyers can Declaim the deduction until the loan is fully repaid. However, there are various criteria to go through to use this deducted amount in a [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":18326,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[1760,1761,1762,1764,1763],"class_list":["post-9133","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-taxation","tag-80eea","tag-80eea-deduction","tag-80eea-exemption","tag-80eea-income-tax-act","tag-difference-between-80ee-and-80eea"],"_links":{"self":[{"href":"https:\/\/www.homebazaar.com\/knowledge\/wp-json\/wp\/v2\/posts\/9133","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.homebazaar.com\/knowledge\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.homebazaar.com\/knowledge\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.homebazaar.com\/knowledge\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/www.homebazaar.com\/knowledge\/wp-json\/wp\/v2\/comments?post=9133"}],"version-history":[{"count":10,"href":"https:\/\/www.homebazaar.com\/knowledge\/wp-json\/wp\/v2\/posts\/9133\/revisions"}],"predecessor-version":[{"id":18729,"href":"https:\/\/www.homebazaar.com\/knowledge\/wp-json\/wp\/v2\/posts\/9133\/revisions\/18729"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.homebazaar.com\/knowledge\/wp-json\/wp\/v2\/media\/18326"}],"wp:attachment":[{"href":"https:\/\/www.homebazaar.com\/knowledge\/wp-json\/wp\/v2\/media?parent=9133"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.homebazaar.com\/knowledge\/wp-json\/wp\/v2\/categories?post=9133"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.homebazaar.com\/knowledge\/wp-json\/wp\/v2\/tags?post=9133"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}