Hi,
I am a salaried person and took a home loan in Sep 2015.I don't have any other property. I want to know can i take exemption of 50K under U/S 80EE for interest of housing loan.
Thanks,
Manish (Software Engineer) (103 Points)
16 December 2016Hi,
I am a salaried person and took a home loan in Sep 2015.I don't have any other property. I want to know can i take exemption of 50K under U/S 80EE for interest of housing loan.
Thanks,
Shubham Gupta
(Business Consultants)
(2077 Points)
Replied 16 December 2016
80EE was available for only FY 2013-14, 2014-15
Manish
(Software Engineer)
(103 Points)
Replied 16 December 2016
Hi Shubham,
I am little bit confused with your answer.As per my knowledge First time Home Buyers can claim an additional Tax deduction of up to Rs 50,000 on home loan interest payments u/s 80EE.It was introduced in Budget 2016.Please correct me if i am wrong.
Thanks
Shubham Gupta
(Business Consultants)
(2077 Points)
Replied 16 December 2016
yes you are right.
but the facts are it was first introduced effective 2013-14 and was available for 2 years, FY 2013-14 and FY 2014-15 only (assessment year 2014-15 and 2015-16).
Then it is re-introduced from FY 2016-17 in buget 2016
you took loan in september 2015......
Manish
(Software Engineer)
(103 Points)
Replied 16 December 2016
So that means even a person takes a loan b/w 1 April 2016 to 31 March 2017, he'll also not be able to take the exemption for this ?
Shubham Gupta
(Business Consultants)
(2077 Points)
Replied 16 December 2016
will bw applicable for loan taken in FY 2015-16
subject to following conditions
Manish
(Software Engineer)
(103 Points)
Replied 16 December 2016
I am again confused with your answed. You said 2 things. First, "will bw applicable for loan taken in FY 2015-16 " this is applicable to me. Second, "Loan has been sanctioned between 01.04.2016 to 31.03.2017". What is the difference b/w loan taken and loan sanctioned ?
Live class on PF & ESI Enrollment & Returns Filing(with recording)
CAclubindia
