If the amount of loan sanctioned for acquisition of the residential house property exceeds 25 lakhs or the value of the residential house property exceeds 40 lakhs .
can we avail the benefit under Sec.80EE at the time of above condition.
22 September 2014
yes you can claim deduction under section 24. The deduction shall depend on the status of property. for self occupied property maximum interest deduction is Rs 1.5 lakhs (till AY 2014-15) and Rs 2 lakhs from AY 2015-16.
For let out or deemed let out property, there is no limit on interest deduction
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