21 January 2014
can we claim deduction both under 80ee and 24 for interest on loan borrowed pls.
ive read that benefit u/s 80ee cannot be claimed if deduction is claimed under any other section in the Act.
in that case what is the objective of 80ee pls?
pls help.
You can claim incremental benefit under both the section but not the same deduction under both the section.
Thx
Guest
Guest
(Expert)
21 January 2014
If, after claiming interest rebate under section 24, you are still left with interest outgo, this can be claimed under section 80EE in AY 2014-15.
21 January 2014
Deduction will be available in respect of interest payable on loan taken or Rs.1 Lakh, whichever is less. Deduction will be available for the assessment year 2014-15. if however, interest payable for the previous year 2013-14(i.e. Assessment year 2014-15) is less than Rs.1 Lakh, the balance shall be allowed as deduction for the Assessment year 2015-16.
CAclubindia
