In Budget 2019, Finance Minister Nirmala Sitharaman outlined a vision for “Affordable Housing,” leading to the introduction of Section 80EEA. This section provides additional tax benefits on home loan interest for first-time home buyers starting from FY 2019-20.

Form 12BB, also known as an Investment Declaration, holds significant importance for salaried individuals. Essentially, it entails a comprehensive disclosure of all tax-saving investments made during a specific Financial Year.

All salaried taxpayers are required to complete Form 12BB. This form must be submitted to their employer at the start of each financial year to facilitate accurate Tax Deducted at Source (TDS) deductions.

House property refers to any land or building, including the land attached to the building such as a courtyard, parking space, or compound. A taxpayer must report income earned from such property when filing their Income Tax Return (ITR).