Interest on home loan

This query is : Resolved

naveen (Querist)
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21 April 2014 My two home loans are running. And i'm paying installment (including interest). Homes are self occupied. Can i claim both home loan interest amount ( i.e. 1.50 Lac + 1.50 Lac) as deduction u/s 80EE

V Uday Kiran

V Uday Kiran (Expert)
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21 April 2014 Hello Naveen,

I don't think its possible to do that , besides for income tax purposes though you ocuupy 2 houses the authorities would consider only one house as Self occupied and you have to pay Income from house property on the second... and coming to the interest part , the new section introduced the conditions would be as below

An assessee will be able to take additional interest deduction house property loan under section 80EE if follows these conditions -

1. Loan has been sanctioned for house by any financial institutions from 01 April, 2013 to 31 March, 2014.

2. Laon amount sanctioned for acquisitions house property does not exceed 25 Lacs.

3. There are no other house property on the date of sanction housing loan to assessee.

4. Value of house property not exceed of Rs. 40 lacs.

So maximum interest that can be claimed would be ~ 2.5L considering already 1.5L deduction u/s 24b

Rupesh Jain

Rupesh Jain (Expert)
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21 April 2014 r/sir

reply by uday kuran is correct

due to U/s 80EE have many condition

first you have no property on sanction of loan date
property value REs. 40 lacs loan amount Rs. 25 lacs.

loan sanction between 1.4.2013 to 31.3.2014.

if claim deduction u/d 80EE then you can not claim this amount in any section of act.

amount of deduction no exceed Rs. 100000/- (one lacs.)

if you have one self occupied property
and value rs. 40 lacs or below and loan amount Rs. 25 lacs or below. and then you intt payable will Rs. 2500000/- then you can claim 150000/- u/s 24(b) and Rs. 100000/- u/s 80EE. only for F Y 2013-14.

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