U/s 80ee for interest of housing loan

80EE was available for only FY 2013-14, 2014-15

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

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......

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 ?

will bw applicable for loan taken in FY 2015-16 

subject to following conditions

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

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 ?