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New revenue tax guidelines: After ushering into new monetary 12 months, a number of modifications revenue tax guidelines have been applied from 1st April 2022. Imposition of flat 30 per cent tax on revenue from digital asset funding, surcharge on LTCG are a few of the main modifications introduced by the Union Finance Minister Nirmala Sitharaman in price range 2022. On this price range, she did not prolonged the extra revenue tax profit being given to the house mortgage debtors beneath Part 80EEA. So, from 1st April 2022, first time house patrons will not have the ability to declare revenue tax profit on as much as ₹1.50 lakh house mortgage curiosity cost beneath Part 80EEA of the Earnings Tax Act.
Talking on the brand new revenue tax guidelines from 1st April 2022; Mumbai-based tax and funding skilled Balwant Jain stated, “In FY23, a taxpayer will not have the ability to declare profit beneath Part 80EEA as this particular profit introduced in Union Finances 2019 has ended on thirty first March 2022. So, from now onward, first time house patrons will not have the ability to declare revenue tax profit on as much as ₹1.50 lakh house mortgage curiosity cost in single monetary 12 months beneath Part 80EEA.”
Talking on revenue tax guidelines for house mortgage debtors in FY 2023; Sujit Bangar, Founder at Taxbuddy.com stated, “There was a further deduction on house mortgage curiosity as much as ₹1.5 Lakh on home properties valued lower than ₹45 Lakh for first time house patrons. FM has not prolonged this scheme past thirty first March 2022. Subsequently, this extra deduction of ₹1.5 Lakh gained’t be out there to tax payers from 1st April 2022. Different current deduction on account of house mortgage curiosity as much as ₹2 Lakh can be continued beneath Part 24 of Earnings Tax Act.”
Nevertheless, Balwant Jain stated that these first time house patrons who have gotten house mortgage sanction letter earlier than 1st April 2022 and their property worth is lower than ₹45 lakh, can nonetheless declare revenue tax profit beneath Part 80EEA.
“A house mortgage borrower can declare revenue tax profit beneath Part 80 EEA, if it has a house mortgage sanctioned in between 1st April 2019 to thirty first March 2022. So, if a brand new borrower has obtained house mortgage sanction letter by thirty first March 2022 and will get disbursal in present fiscal, she or he might be eligible to say revenue tax profit on as much as ₹1.50 lakh house mortgage curiosity paid in a single monetary 12 months beneath Part 80EEA.” Balwant Jain additionally stated that the profit beneath Part 80EEA might be out there for complete tenure of the house mortgage.
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