Difference between section 80ee & 24(b)
This query is : Resolved
Ch. Sai Sudha Mohan
(Querist)
02 June 2014
What is the difference between section 80EE introduced this year and 24(b) i.e. deduction in respect of Interest on Housing loan.
Why the 2 sections for the same deduction.
Why the 2 sections for the same deduction.
10 June 2014
Though both the sections provide for deduction of interest on borrowed capital, one of the difference is that under section 80EE, deduction is allowable only subject to certain conditions such as loan should be sanctioned in FY 2013-14 only and amount of loan should not be more than 25 lakhs. Also value of house property should not be more than Rs. 40 lakhs. Section 80EE further provided that if deduction is availed under this section then no further deduction shall be allowed under any other section.
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