Hi. My house loan was sanctioned in FYY 17-18. However as per sec 80EE loan must be sanctioned in FY 16-17. My loan in below 35Lacs, property is below 50Lacs. but loan was sanctioned in may 2017. Can i use sec 80EE. also its my first property.
Hi. My house loan was sanctioned in FYY 17-18. However as per sec 80EE loan must be sanctioned in FY 16-17. My loan in below 35Lacs, property is below 50Lacs. but loan was sanctioned in may 2017. Can i use sec 80EE. also its my first property.
There are a set of conditions that you must satisfy before you go on to claim the benefit under this section –
But, in your case, loan is sanctioned on May 2017, Therefore you can't in section 80EE.
Also, You can take deduction U/S 24 of Income Tax Act, for Interest Payment and U/S 80C for Repayment of Principal Amount.
You can't claim deduction under Sec 80EE because for claiming deduction loan should be sanctioned during F.Y 2016-17
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