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Deduction under 80C and 80 EE
If an assess purchase a residential house property of less than Rs. 50 lakhs approx and take a housing loan of Rs 30 lakhs for this purpose. How much deduction under 80C And 80EE will be allowed and for how many years?
Replies (6)
Under 80C deduction upto 1.5lac of Principal amount repayment of loan will be available until loan is repaid 100%
Under 80EE interest deduction is available of not > 50k only if loan taken in 2016-17 and assessee should not own another HP and rest is as said by you.
You wont be able to claim 24(b) then
Deduction u/s 80C for principal repayment of home loan up to Rs. 1,50,000 and interest payment upto Rs. 2,00,000 u/s 24 is allowable and
Deduction of Section 80EE would be applicable only in the following cases:-
- This deduction would be allowed only if the value of the property purchased is less than Rs. 50 Lakhs and the value of loan taken is less than Rs. 35 Lakhs.
- The loan should be sanctioned between 1st April 2016 and 31st March 2017.
- The benefit of this deduction would be available till the time the repayment of the loan continues.
- This Deduction would be available from Financial Year 2016-17 onwards
Kamal its only for FY 2017-18 and not onwards 2016-17
kamal verma is absolutely right.
Deduction would be available from the financial year 2016 onwards till the full payment of loan.
Deduction would be available from the financial year 2016 onwards till the full payment of loan.
Yes, but only of loan taken in 2016-17 and not thereafter
at the same time interest on borrowed capital can be claimed under both sections 24(b) and 80ee but not on same amount. i.e. if the assessee pays 2.5 lacs as interest, then he can claim 2 lacs under 24(b) and 80ee
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