House property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 January 2014 There is an interest on housing loan is Rs.99,000/-. A new house is purchased in FY 2013-14 and interest is paid for the same.

Now, how the assessee can claim deduction u/s 24(b) and u/s 80EE. what is the balance amount to be c/f to FY 2014-15.

@VaibhavJ

@VaibhavJ (Expert)
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02 January 2014 Hi

U/s 24(b) he can claim whole interest portion upto Rs. 1.5 lacs in same FY, you can not carry forward the same in this case.

Thanks

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CA DHEERAJ

CA DHEERAJ (Expert)
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02 January 2014 you interest amount is rs. 99000 claimed u/s 24 (b), here in your case no relevency of section 80EE

for better understanding go for this link
http://www.charteredclub.com/tax-benefit-on-home-loan/

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Nikhil Kaushik

Nikhil Kaushik (Expert)
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02 January 2014 agreed with the above. 80E would help you if interest paid is in excess of deduction allowable under under 24b.

So for eg, if the interest is Rs 2.3 lakhs. So you can claim 1.5 lakhs in 24b. .8 lakhs under 80ee. in such a case Rs .2 lakhs can be carry forwarded to next AY - 2014-15. in your case, you shall have Rs 1 lakh limit available in 2014-15 for 80EE. But, how you will be able to use only if interest paid exceed Rs 1.5 lakhs.

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