Section 80ee
This query is : Resolved
18 November 2013
As per New section 80EE, interest on housing loan can be claimed as deduction subject to other conditions. in the said section it is mentioned at 80EE (1) "............. interest payable on loan taken by him from any financial institution for the purpose of acquisition of a residential house property".
My doubt is does here the word acquisition includes construction or not, because at section 24(b) acquisition and constructions were separately treated.Hence if a person got a loan for construction can eligible for 80EE deduction????
My doubt is does here the word acquisition includes construction or not, because at section 24(b) acquisition and constructions were separately treated.Hence if a person got a loan for construction can eligible for 80EE deduction????
19 November 2013
it appears that the acquisition here doesn't include construction. other experts may share their views.
19 November 2013
The law is silent on the point that whether this Section is applicable to already constructed houses or under-construction houses…
In the absence of any specific instruction, it is always assumed that it is applicable to all cases i.e. it is applicable to all types of houses… the law has specified some conditions and if those conditions are met, an assessee can claim deduction u/s 80EE irrespective of whether the house is under-construction of completed…
In the absence of any specific instruction, it is always assumed that it is applicable to all cases i.e. it is applicable to all types of houses… the law has specified some conditions and if those conditions are met, an assessee can claim deduction u/s 80EE irrespective of whether the house is under-construction of completed…
19 November 2013
Aryan,
problem with under construction houses is "how do you ensure that total cost of construction won't breach Rs 40 lakhs barrier"
problem with under construction houses is "how do you ensure that total cost of construction won't breach Rs 40 lakhs barrier"
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19 November 2013
Yes,I agree with that..
40lacs barrier is one of the requirement whether you are purchasing or constructing...
40lacs barrier is one of the requirement whether you are purchasing or constructing...
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