Can you please explain the section 80EE of Income tax ACT. What is the benefit of this section to the tax payer?
4 Replies
(Guest)
Section 80EE allows tax benefits for first time home buyers.Income tax deduction can be claimed on home loan interest.The deduction allowed under this section is for interest paid on home loan up to maximum Rs 50,000 per financial year. You can claim this deduction until you have fully repaid the loan.
Dip Narayan
(Deputy Manager)
(772 Points)
Replied 14 October 2017
Sir
Is there any extra benefit of section 80EE over the earlier rules?
chamarthi venkatesh
(Student CA Articleship)
(848 Points)
Replied 15 October 2017
80EE benefit is available only if the following conditions are satisfied
1.This deduction would be allowed only if the value of the property purchased is less than Rs. 50 Lakhs and the value of loan taken is less than Rs. 35 Lakhs.
2.The loan should be sanctioned between 1st April 2016 and 31st March 2017.
1.This deduction would be allowed only if the value of the property purchased is less than Rs. 50 Lakhs and the value of loan taken is less than Rs. 35 Lakhs.
2.The loan should be sanctioned between 1st April 2016 and 31st March 2017.
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