Section 80ee
This query is : Resolved
18 November 2013
As per New section 80EE, interest on housing loan can be claimed as deduction subject to other conditions. in the said section it is mentioned at 80EE (1) "............. interest payable on loan taken by him from any financial institution for the purpose of acquisition of a residential house property".
My doubt is does here the word acquisition includes construction or not, because at section 24(b) acquisition and constructions were separately treated.Hence if a person got a loan for construction can eligible for 80EE deduction????
My doubt is does here the word acquisition includes construction or not, because at section 24(b) acquisition and constructions were separately treated.Hence if a person got a loan for construction can eligible for 80EE deduction????
19 November 2013
it appears that the acquisition here doesn't include construction. other experts may share their views.
19 November 2013
The law is silent on the point that whether this Section is applicable to already constructed houses or under-construction houses…
In the absence of any specific instruction, it is always assumed that it is applicable to all cases i.e. it is applicable to all types of houses… the law has specified some conditions and if those conditions are met, an assessee can claim deduction u/s 80EE irrespective of whether the house is under-construction of completed…
In the absence of any specific instruction, it is always assumed that it is applicable to all cases i.e. it is applicable to all types of houses… the law has specified some conditions and if those conditions are met, an assessee can claim deduction u/s 80EE irrespective of whether the house is under-construction of completed…
19 November 2013
Aryan,
problem with under construction houses is "how do you ensure that total cost of construction won't breach Rs 40 lakhs barrier"
problem with under construction houses is "how do you ensure that total cost of construction won't breach Rs 40 lakhs barrier"
Message likes :
1 times
19 November 2013
Yes,I agree with that..
40lacs barrier is one of the requirement whether you are purchasing or constructing...
40lacs barrier is one of the requirement whether you are purchasing or constructing...
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on capital gains revoked us 54f
- Should I include march foreign salary received in April in my income for FY 2023-24?
- Inventory of finished goods
- Sale of property furniture sale
- Filing of Form 10BB instead of Filing Form 10B
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Confusion around Form 26QB fields
- Applicability of Ind As to associate of associate
- Refund of AY 22-23
- Disallowance of Section 43B(h) to sez units
- Last year input claim shown in gstr9
- GST Registration Cancellation books of accounts asked by officer
- TDS Deduction Online Learing Platform
- Point (III) 9 of GSTR-9C
- As per our records, find the below outstanding demand(s)* and interest payable u/s 220(2):
- Regarding transaction th. credit card
- HSN Details in IFF/GSTR-1 & in GSTR 9
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
