Difference b/w sec 24b and sec 80ee
Jayakrishna (Student) (132 Points)
29 November 2015Jayakrishna (Student) (132 Points)
29 November 2015
CA Mohit Kumar
(accounts,taxation)
(855 Points)
Replied 30 November 2015
CA Mohit Kumar
(accounts,taxation)
(855 Points)
Replied 30 November 2015
KAVIRAJA ADDANGADI
(PROPRIETOR)
(15981 Points)
Replied 30 November 2015
Benefit of this section can avail by Individual assessee. Deduction under this section is not available for any other assessee (like HUF, firm etc.). Individual can claim benefit under this section only when all the following conditions are satisfied, these are-
U/s 80EE (4) – Provides that where a deduction under this section is allowed for any interest payable on loan only when deduction shall not be allowed in respect of such interest under any other provisions of the Act for the same or any other assessment year.
Quantum of Deduction- Assessee can take deduction u/s 80EE on interest payable on home loan upto 1 Lakh in A.Y.2014-15. It can claim deduction in two assessments year. Means if whole amount of interest payable upto 1 lakh is not claim as deduction in A.Y.2014-15 then remaining balance amount upto 1 lakh can claim in A.Y.2015-16.Total deduction under this section shall not be more than 1 lakh.
Miss Rinkal
(Student)
(1304 Points)
Replied 30 November 2015
I agree with Kaviraja Addangadi:
There was an additional deduction u/s 80EE over and above sec 24b subject to certain conditions
Currently only sec 24b can be availed to the extent of Rs 2 lacs. (I.e from ay 2016-17)