Deduction under section 80ee for property under construction
This query is : Resolved
21 March 2014
Can assesse get deduction of interest paid, if interest paid for the loan which is under construction. assuming all other conditions are satisfied for section 80EE.
25 March 2014
my personal interpretation is that this section specifically use the word acquisition. if you are doing construction on your own, can it be called acquisition? doubtful.
the memorandum to the Finance Act 2013 very clearly states "Keeping in view the need for affordable housing, an additional benefit for first-home buyers is proposed to be provided...."
So 80ee might not be available to you.
Needless to say, you might still be able to frame persuasive arguments in your favor, but quite possible that at assessment stage, it can get disallowed.
the memorandum to the Finance Act 2013 very clearly states "Keeping in view the need for affordable housing, an additional benefit for first-home buyers is proposed to be provided...."
So 80ee might not be available to you.
Needless to say, you might still be able to frame persuasive arguments in your favor, but quite possible that at assessment stage, it can get disallowed.
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