A new section has inserted in Income Tax Act which is Sec 80EE of I.T.Act, where an assesse can claim a deduction upto 1,00,000.00 on the house building loan interest, provided certain conditions:-
1. the house should be for self occupied.
2. the value of residential house must be within 40 lakh.
3. the loan borrowed amount must be within 25 lakh. etc.
4. The house should be purchased within the financial year 2013-2014.
But the question is, if he/she claim the deduction under the section mentioned before, does he/she can also claim the deduction under section 24 of I.T.Act? That is if any body purchased a residential house valued Rs. 38lakh and taken a loan of Rs.24lakh, but his interest on loan is 1,75,000.00, in this situation can he/she claim 1lakh on sec.80EE and another 75,000.00 on section 24 of I.T.Act?
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