Hii guys
In 24b we are claiming Interest incurred or accrued on housing loan even though not paid because in that section "Interest payable" is mentioned instead of interest paid. Similarly in Sec 80EEA also the same word is used "Interest payable". No where it is talking about actual payment. Can we apply the same logic like in 24b and claim Housing loan interest accrued under 80EEA also even though not actually paid...?
Plse clarify and thanks
A deduction for interest payments up to Rs 1,50,000 is available under Section 80EEA. This deduction is over and above the deduction of Rs 2 lakh for interest payments available under Section 24 of the Income Tax Act. Read more about the deduction of Rs 2 lakh on interest on home loan here. Therefore, taxpayers can claim a total deduction of Rs 3.5L for interest on home loan, if they meet the conditions of section 80EEA.
Housing loan must be taken from a financial institution or a housing finance company for buying a residential house property.
Stamp duty value of the house property should be Rs 45 lakhs or less.
The individual taxpayer should not be eligible to claim deduction under the existing Section 80EE.
The taxpayer should be a first-time home buyer. The taxpayer should not own any residential house property as on the date of sanction of the loan.
CAclubindia
