Deduction under section 80ee

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 January 2015 Dear Sir,
Our client has taken housing loan of Rs. 21 Lakhs, property value Rs. 35 Lakh in the financial year 2013-14. property is under construction.

he has taken the benefit of interest on housing loan of Rs. 78000 under section 80EE in the last year and wiling to take additional benefit of rs. 22000 during the current year. as he can take benefit upto Rs. 1 Lac only

Since the property is under construction and he has not taken the full benefit of amount of interest paid during current year. can he take the benefit of remaining interest of current year in the year when he will get the possession / construction will complete. u/s 20(b)

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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23 January 2015 Remaining interest during construction can be claimed over a period of 5 years after completion.

Rupesh Jain

Rupesh Jain (Expert)
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23 January 2015 under construction intt can calim in five year 1/5 each year. from the year in which construction will complete.

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Rupesh Jain

Rupesh Jain (Expert)
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23 January 2015 under construction intt can calim in five year 1/5 each year. from the year in which construction will complete.

@VaibhavJ

@VaibhavJ (Expert)
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23 January 2015 1st of all You can claim deduction u/s 24(b) in the FY in which construction is completed, so if construction gets completed in current FY then he can claim 100% int in current year u/s 24(b) after claiming benefit u/s 80EE.

If any portion of int. is claimed u/s 80EE in prior year same can not be claimed u/s 24(b) in the year of completion..