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.

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).

When filing your Income Tax Return (ITR), you can claim deductions for certain investments and expenses. To do this, you need to provide proofs of these investments, such as donation receipts, fixed deposit statements, and other relevant documents.

Determining the tax liability of an NRI hinges upon their residential status for the year. It’s crucial to ascertain the residential status of an individual before delving into their tax obligations.