16 April 2013
1ST of all the additional benefit is not under 24(b) it is a separate deduction 80EE, likewise 80C. Conditions are as follows: (i) the loan is sanctioned by the financial institution during the period beginning on 1st April, 2013 and ending on 31st 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.
(v) The assessee is a first time home buyer
Where the interest payable is less than Rs. 100000/- for AY 2014 – 15, then the balance amount shall be allowed in AY 2015-16.
11 June 2013
I agree with the expert but you are talking of housing loan in which there is limit and after completion of limit no benefit is allowed. Hence, the expert is very much correct.
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