Ay 2014-15 regarding

This query is : Resolved 

21 June 2014 Dear experts Housing loan sanctioned during the financial year 2012-13 shall eligible for housing loan interest for the assessment year 2014-15. If so what are the relavent IT sections please specify.

21 June 2014 interest on Loan taken during the financial year 12-13 will be eligible for deduction of interest U/s 24 for Ay 2013-14 & 2014-15.
However if you have taken loan during the FY 2013-14 then an additional interest of Rs. 1 lakh will be eligible U/s 80EE for deduction for AY 2014-15 subject to some conditions.

Ravi & Sreenivasa
Chartered Accountants
Partner
Hyderabad

21 June 2014 you not mention the period of your housing loan .

you can claim the interest on housing loan u./s 24 (b) if you are using as self occupied then you can claim intt up ot Rs. 150000/- and if your house is let out then no limit of intt amount . and principal amount you will calim u/s 80C up to rs. 100000/-

if your property value is not exceeds Rs. 40 lacs and loan not exceed Rse. 25 lacs then you can cliam the additional deduction u/s 80EE of Rs. 1.00 lacs.




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