26 June 2015
I have purchase one residency hose of Rs. 75 lacs, and loan sectioned for 50 lacs. so can I get deduction of 1 lac under intrust of housing loan.
Thanks in advice..
16 July 2015
Benefit of section 80EE can be availed by Individual assesse only. Deduction under this section is not available for any other assessees such as HUF, firm etc. Individual can claim benefit under this section only when all the following conditions are satisfied. They are: - Purchaser should be a first time buyer. i.e. he has never purchased any house and now he is going to purchase a house. - Value of the house should not be more than Rupees 40 lakhs. - Loan taken by Individual for the purpose of buy a house should not be more than Rupees 25 lakhs. - On the date of sanction of loan, the individual does not own any residential house property. - Loan for this purpose, shall be taken from any Financial Institution or Housing Finance Company. - For this purpose, loan should be sanctioned between the period April 1, 2013 to March 31, 2014 The deduction under sub-section shall not exceed one lakh rupees and shall be allowed in computing the total income of the individual for the assessment year beginning on the 1st day of April, 2014 and in a case where the interest payable for the previous year relevant to the said assessment year is less than one lakh rupees, the balance amount shall be allowed in the assessment year beginning on the 1st day of April, 2015.
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