Benefit under section 24(b) and 80ee

hello Nalini,

As your interest payment throughout the financial year is Rs.142000 so there is no question to claim deduction u/s 80EE however in case your interest payment  exceed Rs.150000 suppose Rs. 208000 then you can take deduction under aforementioned section upto the amount of 50000.for the principal amount of Rs.13000 u can claim deduction u/s 80c provided you are not going to sell ur property within next 5 year otherwise deduction earlier claimed shall be added back to your income.

about eligibility to claim deduction u/s 24b u must have possession of property.

Hello rahul

But according to section 24 one can take benefit once construction is completed . For that im providing oc certificate... why possession is required.. any case law is there?

as far as my knowledge is concern there is no case law on this issue.

1. Prior Condition for claimimg Deduction U/s 24(b) is  : The income from  the property has to be shown U/s 22 in the Computation of Total Income.

2. Prior Condition for showing income from the property : As per Section 22 the assessee should be the owner of the property.

3.  Meaning of the term Construction U/s 24(b):  There are two main terms- Acquisition and Construction. In this section as I understand, construction means ...assessee's own involvement in the activity is required.

As such your case is not of construction. However if you will take the possession in this FY then you will be eligible to claim interest of the whole FY 2016-17. Max Deduction limit is Rs. 200000/-.

Thanks Sir..