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can i take a deduction under sec 80E
i still not get a ownership of a residental house but such house is under construction and all provision of this sec is fullfilled so i can take a extra deduction under this sec i.e Rs. 50000
Replies (19)
sec 80 EE not 80 E
no you can't take
Mr.Vinod you can take deduction of Rs50000 even property is under construction and ownership has not taken.
sorry 80EE but can i take ???
mr Raveesh plz confrm this bcoz i got a many different answer from expert as well as taxman site nd sec also silent about it .
Vinod ji...If you read sec 80EE carefully, there is nothing mentioned about possession or registry of residential property. So simply you can get deduction of ₹ 50000 even if possession or registry has not taken in your name.
mr. Vinod, for claiming deduction under 80EE, primafacie it has to be acquired and not constructed. next the value of the property should be less than or equal to 50 lakhs. the loan amount should not exceed 35 lakhs. the loan should have acquired from scheduled bank during the f.y 2016-17. you shouldn't have any other residential property on the date of sanctioning loan.if you satisfy above conditions, you can claim a deduction of 50000. correct me if iam wrong experts
Rama ji... housing finance company is also there from which you can take loan
Rama ji... housing finance company is also there from which you can take loan
mr. raveesh.. agreed 👍
Mr. Rama...if we read sec 80 EE again---it is written that the loan has taken for purpose of acquisition of Residential property.It means once the loan is sanctioned for such purpose, you are allowed to take deduction of interest payable..hence under construction, registration, possession not relevant at all..
again raveesh I agree with you. thanks for enlighting
Welcome Mr. Rama....Mr.Vinod you can claim such deduction.
thnx mr ravish nd rama
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