A person had bought a land and starting construction on it. He is willing to take home loan on construction of house.
Whether he will be allowed to claim interest U/s 80EEA if amount of yearly interest exceeds Rs. 2 lakh.
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Deduction U/s 80EEA
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Quick Summary
I have the same doubt, loan taken between 1-4-2019 to 31-03-2020 but for construction
Section 80EEA – Additional interest deduction amounting to Rs 1,50,000 is allowed in addition to deduction under section 24(b).
The loan should be sanctioned between 1st April 2019 – 31st March 2020.
The stamp duty value of the house should not exceed Rs 45 lacs.
The carpet area of the house should not exceed 60 sqmtr in metro cities and 90 sqmtr in other cities.
Only the individual is allowed to claim the deduction under this section provided he does not own any other house property.
it's available for purpose of acquisition of a residential property not construction.
The loan should be sanctioned between 1st April 2019 – 31st March 2020.
The stamp duty value of the house should not exceed Rs 45 lacs.
The carpet area of the house should not exceed 60 sqmtr in metro cities and 90 sqmtr in other cities.
Only the individual is allowed to claim the deduction under this section provided he does not own any other house property.
it's available for purpose of acquisition of a residential property not construction.
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