Section 80ee
This query is : Resolved
25 March 2014
Can assesse get deduction of interest paid, if interest paid for the loan which is under construction. assuming all other conditions are satisfied for section 80EE
25 March 2014
but in such also the property for which loan is taken is to be owned by him....
25 March 2014
my personal interpretation is that this section specifically use the word acquisition. if you are doing construction on your own, can it be called acquisition? doubtful.
the memorandum to the Finance Act 2013 very clearly states "Keeping in view the need for affordable housing, an additional benefit for first-home buyers is proposed to be provided...."
So 80ee might not be available to you.
Needless to say, you might still be able to frame persuasive arguments in your favor, but quite possible that at assessment stage, it can get disallowed.
the memorandum to the Finance Act 2013 very clearly states "Keeping in view the need for affordable housing, an additional benefit for first-home buyers is proposed to be provided...."
So 80ee might not be available to you.
Needless to say, you might still be able to frame persuasive arguments in your favor, but quite possible that at assessment stage, it can get disallowed.
25 March 2014
in case then is it logical that person buys land constructs house with loan and will be disallowed...i think this section is drafted for benefit of assessee so you will get it...
25 March 2014
Tushar...I didn't draft the section or the memorandum!
the idea behind the section seems to be to encourage purchase of affordable housing...it is for assessee's benefit to compare the same with section 80c(2)(xviii) which explicitly provides for "for the purposes of purchase or construction of a residential house property".
the clear difference in 80c and 80ee displays the legislative intent..
a beneficial clause can be interpreted liberally but not beyond the legislative intent..
the idea behind the section seems to be to encourage purchase of affordable housing...it is for assessee's benefit to compare the same with section 80c(2)(xviii) which explicitly provides for "for the purposes of purchase or construction of a residential house property".
the clear difference in 80c and 80ee displays the legislative intent..
a beneficial clause can be interpreted liberally but not beyond the legislative intent..
25 March 2014
nihkil if u havent drafted the section but the above ans was drafted na then????
so where is sec 80EE it specifically disallows for construction of house though it uses acquistion but where it is not allowing construction...
so where is sec 80EE it specifically disallows for construction of house though it uses acquistion but where it is not allowing construction...
25 March 2014
it has been explained above friend...kindly read them in totality..
25 March 2014
@ prashant in my view since the section was introduced for benefit of assesse you can go ahead with the same....
25 March 2014
Agree with you Mr.Nilesh. I have the same view that this deduction is only for purchase not for construction.
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
- Partnership Deed Changes for Remuneration
- GST on Education Service
- Clarification regarding clubbing of AGM and EGM into one meeting
- PROVISION FOR GRATUTY
- Tax liabilities on purchase of agriculture land from adivasi to adivasi person in Maharashtra
- Sale of agrilculture land exmpted for aerial distance calculation procedure for online
- Purchase of residential house by a foreign national (Indian origin, not holding Indian passport)
- Reverse Factoring
- Compliance PF
- Appointment of auditor in agm
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Composition Dealer GST Annual Return Filing process
- TDS under section 195.
- Filing GST Returns after death of proprietor
- Registered Required in GST Act
- Switch over to Composition Scheme
- Gstr 9 and itc
- Clarification regarding IMS
- RCM on Construction of Apartment - Real estate
- Treatment in GSTR-9
Trending Online Classes
-
All Subjects Combo (Regular Batch) Jan & May 26
CA Hardik Manchanda,CS Arjun Chhabra & Prof. Akash Agrawal
CAclubindia
