Go AD-Free with CAclubindia Pro and get a FREE CCI Coffee Mug. Subscribe Now!

Sir, if a person tak loan in fy 2014-2015 can he avail 80ee in fy 2016-2017?

Ashim kr Ray (social service) (1712 Points)

19 June 2017

Sir, A salary person taken loan in Fy 2015-2015 can he avail benefit 80EE in FY 2016-2017.

Reply
Follow
Share

8 Replies

Ashim kr Ray (social service) (1712 Points)
Replied 19 June 2017

As he still paying the principal amount?

Upgrade to CAclubindia Pro. Subscribe Now!

CA Rashmi Gandhi (Chartered Accountant) (86461 Points)
Replied 19 June 2017

Besides, being an Individual Taxpayer, there are a set of conditions that you must satisfy before you go on to claim the benefit under this section –

This is the 1st house you have purchasedValue of this house is Rs 50 lakhs or lessLoan taken for this house is Rs 35 lakhs or lessLoan has been sanctioned by a Financial Institution or a Housing Finance CompanyLoan has been sanctioned between 01.04.2016 to 31.03.2017As on the date of sanction of loan no other house is owned by you

1 Like

CA Rashmi Gandhi (Chartered Accountant) (86461 Points)
Replied 19 June 2017

Besides, being an Individual Taxpayer, there are a set of conditions that you must satisfy before you go on to claim the benefit under this section –

1.This is the 1st house you have purchased.

2.Value of this house is Rs 50 lakhs or less

3.Loan taken for this house is Rs 35 lakhs or less

4.Loan has been sanctioned by a Financial Institution or a Housing Finance Company.

5.Loan has been sanctioned between 01.04.2016 to 31.03.2017

6.As on the date of sanction of loan no other house is owned by you

1 Like

CA Rashmi Gandhi (Chartered Accountant) (86461 Points)
Replied 19 June 2017

You can't take deduction as condition 5 is not satisfied.

1 Like

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (185318 Points)
Replied 19 June 2017

NO.

For financial year 2015-16, Section 80EE are not available. These are applicable starting financial year 2016-17.

You can clain interest deduction u/s.24(b) upto 2,00,000/- for the interest paid andfor principal amount upto 1.50 lakhs u/s. 80C, subject to other conditions.

In case it is rented, the interest deduction is fully allowed, no need to claim u/s.80EE !!!

1 Like

Upgrade to CAclubindia Pro. Subscribe Now!

Ashim kr Ray (social service) (1712 Points)
Replied 19 June 2017

So sir in ITR 1 how to show the deduction U/s 24(b) as he is salaried person.Can be claim from gross total income of salary.