Union budget 2013-14
This query is : Resolved
Prashant Singh
(Querist)
18 March 2014
I hv purchased a property in 2011 n taken a loan of Rs 24.5 lakhs for the same . My question is how much deduction for interest is allowed to me 1.5 lakhs or 2.5 lakhs because
According to Union Budget 2013-14 , first time buyers of homes will get an additional deduction of Rs 1 lakh for home loans up to Rs 25 lakhs which will be over &above current Rs 1.5 lakhs deduction allowed for self occupied dwellings
Plz clear my doubt
Regards
Prashant Singh
18 March 2014
1. Deduction u/s 80EE is available only if the loan has been sanctioned during 1/4/2013 to 31/3/2013.
Loans sanctioned BEFORE or AFTER the above period are NOT eligible for deduction u/s 80EE
2. In your case the loan was taken BEFORE 1/4/2013 and accordingly you are NOT eligible for deduction u/s 80EE.
Loans sanctioned BEFORE or AFTER the above period are NOT eligible for deduction u/s 80EE
2. In your case the loan was taken BEFORE 1/4/2013 and accordingly you are NOT eligible for deduction u/s 80EE.
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