Hello Everyone,
Could you please help me on the below query.
I have purchased a Residential Property (1st time Buyer) worth 30 Lakhs, Housing loan sanction: 27 Lakhs in June 2016. I have now let out the said property.
Total Interest paid during the year is Rs. 2,30,000. Rent received for letting out is Rs 45,000 after standard deduction.
I want to now claim balance Interest of Rs. 45,000 under section 80 EE.
Whether I am eligible to claim u/s 80 EE as I have let out the property.
If total interest paid during the concerned year is Rs. 230000, you can take following deductions:
u/s 24- upto Rs. 200000 (provided conditions of section 24 are fulfilled)
u/s 80EE- Rs. 30000 (max. allowable deduction Rs. 50000 u/s 80EE)
Moreover, benefit of Section 80EE is not available if the assessee own more than one residential house property on the date of sanction of loan.
Thank You Arjun,
I am a first time buyer and i dont have any other property.
Hi Arjun,
My only question is whether deduction u/s 80 EE is available only for only Self Occupied Property or for LET OUT Property also.
Thanks In advance.
Yes, deduction u/s 80EE will still be available even if the property is let out.
Thank you Arjun.
This was really helpful.
CAclubindia
