Interest deduction for loans for home purchase and electric vehicle loans available to eligible individuals subject to conditions. Section 80EEA allows an interest deduction for individuals (not eligible under section 80EE) on loans from financial institutions for acquiring a residential house property, capped at one lakh and fifty thousand rupees and subject to conditions on loan sanction period, stamp duty value ceiling and non ownership of residential property at sanction; such deduction is exclusive of other interest deductions. Section 80EEB allows a similar capped interest deduction for loans to purchase an electric vehicle, subject to a defined sanction period and definitions of electric vehicle and financial institution, and is mutually exclusive of other interest deductions.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Interest deduction for loans for home purchase and electric vehicle loans available to eligible individuals subject to conditions.
Section 80EEA allows an interest deduction for individuals (not eligible under section 80EE) on loans from financial institutions for acquiring a residential house property, capped at one lakh and fifty thousand rupees and subject to conditions on loan sanction period, stamp duty value ceiling and non ownership of residential property at sanction; such deduction is exclusive of other interest deductions. Section 80EEB allows a similar capped interest deduction for loans to purchase an electric vehicle, subject to a defined sanction period and definitions of electric vehicle and financial institution, and is mutually exclusive of other interest deductions.
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