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Home loan

07 July 2018

Under section 80EE home means what? it is a loan amount on agreement value or full home loani.e furniture loan also consider in limit given under 80EE I.E 3500000

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (167611 Points)
Replied 07 July 2018

Agreement value within 50L........ (which may be inclusive of fixed furniture); and loan amount within 35L .....

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Kavin Mistry (61 Points)
Replied 07 July 2018

But loan amount is more then agreement value then then...

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (167611 Points)
Replied 07 July 2018

As per RBI regulations, home loan is not sanctioned more than 80% (rarely it goes to 85%)

So, this is extreme case where home loan is sanctioned without margin money, with additional expenditure allowance !!

Well, if homeloan is within range of 35L, it will be eligible.

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Kavin Mistry (61 Points)
Replied 07 July 2018

thank u sir..sir last question can we consider half half value of loan amount and purchase value and then claime dedction 50000 for each its is possible...both person file there return under salary and claime half interest also claim under 24b

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (167611 Points)
Replied 07 July 2018

There is no any restriction provided both are joint home loan borrower along with both co-owner of the (first) property...

But practically, for maximum loan amount of 35 lakhs, each claiming deduction u/s. 24(b) of 2 lakhs; need for additional deduction u/s. 80EE for both doesn't arise.......

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