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80 ee, income tax rebate for a non possession house

rahul (job) (43 Points)

03 March 2014

Hello All,

To get the benefit in the Incomoe Tax on Housing Loan for a non possession house under 80 EE

Is it important that the loan should be santioned between 1st April 2013 and 31st March 2014.

Can i get the benefit if my loan is santioned in 2011 & have not got possession yet?

Thanks,

Rahul

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2 Replies

Deepak Gupta (CA Student) (15922 Points)
Replied 03 March 2014

Originally posted by : rahul
	Hello All, To get the benefit in the Incomoe Tax on Housing Loan for a non possession house under 80 EE Is it important that the loan should be santioned between 1st April 2013 and 31st March 2014. Can i get the benefit if my loan is santioned in 2011 & have not got possession yet? Thanks, Rahul

Not possible because in order to claim deduction u/s 80EE, the following conditions should be satisfied:-
.
(i) the loan has been sanctioned by the financial institution during the period beginning on the 1st day of April, 2013 and ending on the 31st day of 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.
.
-- The conditions are given in sub-section 3 of section 80EE.