Everyone is familiar that availing a Home Loan can help you save on tax. Up to Rs. 1.5 Lakhs can be claimed as deduction towards interest under Sec 24 and principal payments under section 80C which has a cap of Rs. 1Lakh. In Budget 2013, additional tax benefit of Rs. 1 Lakhs was announced for new house buyers under Sec 80EE. In this article we briefly discuss the additional tax benefit given by the government.
Budget 2013 announced major relaxation for the new house buyers by giving them additional exemption of Rs. 1 Lakhs in taxation under Sec 80EE. This announcement was made to encourage new individual buyers and to boost the demand of the housing sector in India. Following are some key highlights of this announcement that should be kept in mind while filling tax returns for Financial Year 2013-14. Following conditions are to be satisfied to claim a benefit under this section:
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