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.
CAclubindia
