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Am i eligible for sec 80ee?

06 April 2018

Hi. My house loan was sanctioned in FYY 17-18. However as per sec 80EE loan must be sanctioned in FY 16-17. My loan in below 35Lacs, property is below 50Lacs. but loan was sanctioned in may 2017. Can i use sec 80EE. also its my first property.

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7 Replies

CA Rashmi Gandhi (Chartered Accountant) (86461 Points)
Replied 06 April 2018

No you can't claim deduction u/s 80EE.

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CA Rashmi Gandhi (Chartered Accountant) (86461 Points)
Replied 06 April 2018

No you can't claim deduction u/s 80EE.

Hadden Katerput (8 Points)
Replied 06 April 2018

Hi, thanks for reply. Is it coz loan was sanctioned in fy 17-18? if yes, then i have read on some forums n websites that it was mandate from govt that loans sanctioned during or after FY 16-17 are eligible. now m a common man and m confused with different views. can u plz explain for clarity.

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Rahul Prajapati (Student) (2282 Points)
Replied 06 April 2018

There are a set of conditions that you must satisfy before you go on to claim the benefit under this section –

This is the 1st house you have purchased
Value of this house is Rs 50 lakhs or less
Loan taken for this house is Rs 35 lakhs or less
Loan has been sanctioned by a Financial Institution or a Housing Finance Company
Loan has been sanctioned between 01.04.2016 to 31.03.2017
As on the date of sanction of loan no other house is owned by you

But, in your case, loan is sanctioned on May 2017, Therefore you can't in section 80EE.

Also, You can take deduction U/S 24 of Income Tax Act, for Interest Payment and U/S 80C for Repayment of Principal Amount.

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