Hii guys
In 24b we are claiming Interest incurred or accrued on housing loan even though not paid because in that section "Interest payable" is mentioned instead of interest paid. Similarly in Sec 80EEA also the same word is used "Interest payable". No where it is talking about actual payment. Can we apply the same logic like in 24b and claim Housing loan interest accrued under 80EEA also even though not actually paid...?
Plse clarify and thanks
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Interest on Housing loan
Replies (7)
A deduction for interest payments up to Rs 1,50,000 is available under Section 80EEA. This deduction is over and above the deduction of Rs 2 lakh for interest payments available under Section 24 of the Income Tax Act. Read more about the deduction of Rs 2 lakh on interest on home loan here. Therefore, taxpayers can claim a total deduction of Rs 3.5L for interest on home loan, if they meet the conditions of section 80EEA.
Housing loan must be taken from a financial institution or a housing finance company for buying a residential house property.
Stamp duty value of the house property should be Rs 45 lakhs or less.
The individual taxpayer should not be eligible to claim deduction under the existing Section 80EE.
The taxpayer should be a first-time home buyer. The taxpayer should not own any residential house property as on the date of sanction of the loan.
Housing loan must be taken from a financial institution or a housing finance company for buying a residential house property.
Stamp duty value of the house property should be Rs 45 lakhs or less.
The individual taxpayer should not be eligible to claim deduction under the existing Section 80EE.
The taxpayer should be a first-time home buyer. The taxpayer should not own any residential house property as on the date of sanction of the loan.
That is ok bro. what I want is if we interpret 80EEA like 24b, can we claim interest accrued but not paid as deduction or not..?
Interest must be paid
Then why the word "interest payable" is mentioned in 80EEA instead of Interest paid. Why can't we take the same interpretation of 24b as the words used are same. Even U/s 80C, it specifically mentioned about payment, so we r claiming deduction only when loan is paid.. In 80EEA, nothing is mentioned about actual payment
Under Section 24, homeowners can claim a deduction for interest payments up to Rs 2 lakh on their home loan, if the owner or his family resides in the house property. The deduction of up to Rs 2 Lakh applies even when the house is vacant. If you have rented out the property, the entire home loan interest is allowed as a deduction. If you are able to satisfy the conditions of both Section 24 and Section 80EEA of the Income Tax Act, you can claim the benefits under both the sections. First, exhaust your deductible limit under Section 24, which is Rs 2 lakh. Then, go on to claim the additional benefits under Section 80EEA. Therefore, this deduction is in addition to the Rs 2 lakh limit allowed under Section 24.
Ok man. Thanks
Your welcome
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