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of <h1>Finance Bill 2019: New Section 80EEA Offers Tax Deduction on Home Loan Interest to Boost Affordable Housing Initiative.</h1> The Finance Bill 2019 introduces a new section, 80EEA, to provide a tax deduction of up to INR 1.5 lakh on interest for loans taken for residential property, aiming to support the government's 'Housing for All' initiative. Conditions include loan sanctioning between April 1, 2019, and March 31, 2020, a property stamp duty value not exceeding INR 45 lakh, and the borrower not owning any other residential property at loan sanction. Additionally, section 80-IBA is amended to align affordable housing definitions with the GST Act, affecting projects approved from September 1, 2019. These changes apply from April 1, 2020, for the 2020-21 assessment year onward.
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