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income tax sec 80 EE

mohammad tarique sohail (accountant) (195 Points)

27 November 2017

loan taken on Aug 2016. i am co applicant and co borrower can avail 50000 each or 25000- 25000. how long can I avail this section. pls reply

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (166384 Points)
Replied 28 November 2017

1. You both can avail the benefit of section 80EE, but subject to actual interest paid individually.

2. The benefit can be availed till the loan is repaid.

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mohammad tarique sohail (accountant) (195 Points)
Replied 28 November 2017

thanks

mohammad tarique sohail (accountant) (195 Points)
Replied 28 November 2017

my interest in sec 24 is 175000 and principal is 24680. can both avail 50000 - 50000 or 25000-25000 in sec 80 EE.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (166384 Points)
Replied 28 November 2017

In your case the interest of 1.75 lakhs can be deducted by either/both of you under section 24b itself.

No need to worry for section 80EE as your interest portion is just 1.75 lakhs (& the deduction limit u/s. 24b is 2 lakhs !!!).

The principal gets deducted u/s. 80C upto 1.5 lakhs alongwith other investments.

AND You cannot claim any excess amount than what you actually pay!!!

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mohammad tarique sohail (accountant) (195 Points)
Replied 28 November 2017

thanks

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (166384 Points)
Replied 28 November 2017

Most Welcome

Sabita Sahoo (622 Points)
Replied 23 March 2018

Sir,if ratio of coowner in the agreement is 80:20.Total interest payable for ist year is Rs.213000 which is paid by co applicant,then can 80% shareholder claim interest of Rs.170400 u/ 24 and can he claim any benefit u/ 80EE?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (166384 Points)
Replied 23 March 2018

1. Yes he can claim interest deduction upto 2.00 lakhs under section 24(b)...... if payment made by him

2. He can get section 80EE benefit upto 50K, but should be eligible for it. Section 80EE benefit is available only to first time home buyers, & as and when specifically declared.