House property

This query is : Resolved

priyanka rajendra jain (Querist)
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02 March 2013 As per union budget 2013-14, there is an additional deduction of Rs. 1,00,000 for first time home buyers who taken loan from 1 April 2013 to 31 March 2014.

I am first time home buyer and property is under Rs. 40 lakhs. However, this loan was acquired in year 2012. If I transfer my home loan to a new bank this year, will I be eligible?

@VaibhavJ

@VaibhavJ (Expert)
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02 March 2013 Hi

Pl refer https://www.caclubindia.com/articles/sec-80ee-should-you-rush-to-buy-a-house--16892.asp

Thanks!!

@VaibhavJ

@VaibhavJ (Expert)
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02 March 2013 Conditions are:

(i) the loan has been sanctioned by the financial institution during the period beginning on the 1st day of April, 2013 and ending on the 31st day of March, 2014;
(ii) the amount of loan sanctioned for acquisition of the residential house property does not exceed twenty-five lakh rupees;
(iii) the value of the residential house property does not exceed forty lakh rupees;
(iv) the assessee does not own any residential house property on the date of sanction of the loan.

So 4th condition is against due to which no claim of extra deduction can be made.

Thanks!!

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