Hello All,
To get the benefit in the Incomoe Tax on Housing Loan for a non possession house under 80 EE
Is it important that the loan should be santioned between 1st April 2013 and 31st March 2014.
Can i get the benefit if my loan is santioned in 2011 & have not got possession yet?
Thanks,
Rahul
| Originally posted by : rahul | ||
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Hello All, To get the benefit in the Incomoe Tax on Housing Loan for a non possession house under 80 EE Is it important that the loan should be santioned between 1st April 2013 and 31st March 2014. Can i get the benefit if my loan is santioned in 2011 & have not got possession yet? Thanks, Rahul |
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Not possible because in order to claim deduction u/s 80EE, the following conditions should be satisfied:-
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(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;
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(ii) the amount of loan sanctioned for acquisition of the residential house property does not exceed twenty-five lakh rupees;
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(iii) the value of the residential house property does not exceed forty lakh rupees;
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(iv) the assessee does not own any residential house property on the date of sanction of the loan.
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-- The conditions are given in sub-section 3 of section 80EE.
Yes, i read these clauses over internet, thought there could be anyother way to avail the benefit.
anyways, thanks for the reply bro :)
CAclubindia
