11 January 2014
Amount of deduction u/s.80EE maximum is Rs. 1 Lakhs
conditions under this section is
(i) the loan has been sanctioned by the financial institution during the period beginning on the 1st day of April, 2013 and ending on the 31st day of March, 2014;
(ii) the amount of loan sanctioned for acquisition of the residential house property does not exceed twenty-five lakh rupees;
(iii) the value of the residential house property does not exceed forty lakh rupees;
(iv) the assessee does not own any residential house property on the date of sanction of the loan.
the loan has been sanctioned by the financial institution during the period beginning on the 1st day of April, 2013 and ending on the 31st day of March, 2014;
(ii) the amount of loan sanctioned for acquisition of the residential house property does not exceed twenty-five lakh rupees;
(iii) the value of the residential house property does not exceed forty lakh rupees;
(iv) the assessee does not own any residential house property on the date of sanction of the loan.
provided the above is satisfied, the assessee gets a deduction for interest paid upto Rs 1 lakh...if this limit of Rs 1 lakh is not exhausted in FY 2013-14, the balance amount can be carried forward to FY 2014-15.
Also note that the above is in addition to deduction for interest under Section 24b.
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