Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

Section 80EE reg

Marimuthu (Manager) (525 Points)

16 July 2018

Dear Sir,

1. For the Assessment Year 18-19, section 80EE applicable?

Please confirm.

Reply
Follow
Share

2 Replies

Srinivasa Ganesh (Article Assistant) (456 Points)
Replied 16 July 2018

Yes. provided you satisfied conditions.
1. loan sanctioned during PY 2016-17
2.Value of loan does not exceed 35 lakhs.
3. value of residential house property does not exceed 50 lakhs.
4.assesse should not own house property on date of sanction of loan

1 Like

Upgrade to CAclubindia Pro. Subscribe Now!

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 16 July 2018

Section 80EE AY 18-19 ;

This was a new proposal which had been made in Budget 2016-17. The same will be continued in FY 2017-18 / AY 2018-19 too.
First time Home Buyers can claim an additional Tax deduction of up to Rs 50,000 on home loan interest payments u/s 80EE.
The below criteria has to be met for claiming tax deduction under section 80EE.

The home loan should have been sanctioned during / after FY 2016-17.

Loan amount should be less than Rs 35 Lakh.The value of the house should not be more than Rs 50 Lakh &The home buyer should not have any other existing residential house in his name.