Ad-Free CAclubindia and Daily Updates on your mobile. Subscribe Now!

Query about 80EEA

Sri Snigdha (Articles Assisstant) (498 Points)

19 April 2022

Housing loan was availed during the FY 18-19 (nov 18) for an amount of rs.43 lacs. Total interest repaid for the FY 21-22 was about Rs.3.14lacs. Can I claim the deduction under sec 80EEA for the amount of Rs 1.14lacs?

Reply
Follow
Share

1 Replies

CA Puja Sharma (Chartered Accountant) (4969 Points)
Replied 19 April 2022

Below are the necessary conditions to be satisfied for claiming deduction u/s 80EEA apart from 80C. If you can satisfy them, then you can avail of the deduction.

- The loan should be sanctioned during the period 1st April 2019 and 31st March 2022.

- Stamp duty value of the house property should be Rs 45 lakhs or less

- The individual taxpayer should not be eligible to claim a deduction under the existing Section 80EE.

- The taxpayer should be a first-time homebuyer. The taxpayer should not own any residential house property as on the date of sanction of the loan.