what is the difference between section 80EE and interest on borrowings under "Income from House Property" head?
please help
both are deductions allowed for the purpose of interest paid on borrowed capital for acquiring house property. 24(b) is allowed subject to a maximum of 2 lakhs rupees and 80EE allowed to a maximum of 50000 subject to following conditions
i] the loan has been sanctioned by the financial institution during the period beginning on the 1st day of April, 2016 and ending on the 31st day of March, 2017;
[ii] the amount of loan sanctioned for acquisition of the residential house property does not exceed thirty-five lakh rupees;
[iii] the value of residential house property does not exceed fifty lakh rupees;
[iv] the assessee does not own any residential house property on the date of sanction of loan.
make sure that same amount is claimed as deduction under both sections...
CAclubindia
