First-date residents (cannot very own various other home property toward day of your sanction out-of a loan out-of a lender) normally claim income tax deduction below Section 80EE as much as ? fifty,000. This contribution is more than and you will over the ? dos lakh limit below Section 24 of your own income tax act on payment away from home loan attract.
New eligibility so you can get that it deduction boasts the worth of new family is below ? 50 lakh, in addition to mortgage is actually for ? thirty-five lakh otherwise faster. That it part was initially produced inside 2013-fourteen whether or not it was readily available for just a couple monetary ages. Since 2016-17, it point has been reintroduced, and the tax benefit appropriate until the mortgage are paid back, towards ? fifty,000 yearly limit.
Section 80GG is another taxation-saving option for salaried other than 80C. Whenever you are salaried but don’t found HRA since you operate in the casual markets otherwise because you are thinking-functioning, you can claim deduction on book reduced not as much as Point 80GG right up so you can ? sixty,000 into the a financial seasons. It deduction isnt offered to taxpayers whom very own a house but reside in a leased home in identical area. It cannot become availed of the taxpayers exactly who very own property from inside the yet another area and you can allege taxation deduction under Area 24 on payment away from mortgage attract thereon domestic.Brand new deduction lower than this area are allowed to your lowest of the 3 criteria, which can be ? 60,000: