80ee benefit

No not for purchase ,but loan has been sanctioned for purchase  of residential property  by the financial institution during the period  begining  form 1/4/2016 to 31/3/2017 as per section 80EE (3) (1) of the Income tax act 1961.

Thanks for your reply. But his loan is approved in April 2017 and registration is done May 2017.

Is he Eligible?

1)Loan sanction date is up to 31/3/2017

2) Loan dose not excceds 25 lacs 

3) value of  property dose not excceds 50 lacs 

4) Dose not own any residential property  on the date of sanction of  loan 

Above are the   conditions  under section 80EE  of the income tax 1961  for deductions 

Thank you very much..

Conditions to be Met for Claiming Deduction 80EE

• This is the 1st house you have purchased
• Value of this house is Rs 50 lakhs or less
• Loan taken for this house is Rs 35 lakhs or less
• Loan has been sanctioned by a Financial Institution or a Housing Finance Company
• Loan has been sanctioned between 01.04.2016 to 31.03.2017
• As on the date of sanction of loan no other house is owned by you

Section 80EE was effective from the financial year 2013-14. It was available for only 2 years, FY 2013-14 and FY 2014-15 .The deduction allowed earlier was limited to a maximum of Rs 1 lakh in total and was available for only 2 financial years. However, this section has been reintroduced effective FY 2016-17 (assessment year 2017-18).Now the deduction  is allowed up to Rs 50,000 per year starting from FY 2016-17 and subsequent years, until the loan is repaid.