Deepak (Engineer) (28 Points)
28 July 2019Hi,
My question is, If I took the home loan 36 Lakh and I paid Rs. 2 Lakh towards loan till today. Then current home loan is 34 Lakh. Does it is applicable to claim Rs. 50000 under 80EE ?
Below points are just addition information.
1. My Flat cost is below 50 Lakh and buying a flat first time.
2. Got the possession in March 2019. Earlier it was under construction.
3. Home loan approved in 2017.
Thanks !
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(162141 Points)
Replied 28 July 2019
Not applicable on following point
"(ii) the amount of loan sanctioned for acquisition of the residential house property does not exceed thirty-five lakh rupees;"
Suresh Thiyagarajan
(Student)
(3986 Points)
Replied 28 July 2019
1. In order to claim deductions, u/s 80EE loan should have been obtained before 31.03.2017.
2. All other conditions specified by you are satisfied. Make sure the loan got sanctioned before 31.03.2017.
3. Only the interest amount can be claimed as deductions u/s 80EE and not the principal portion.
Please correct me if the above solution has an alternative view.
Deepak
(Engineer)
(28 Points)
Replied 29 July 2019
I am confused here,
Mr. Dhirajlal Sir, telling sanctioned loan should be less than 35 Lakh and Mr. Suresh Sir telling it is possible to claim if current loan is below 35Lakh.
Also I can claim this amount till Home loan closure ?
Please reply.
raja sekar
(1435 Points)
Replied 29 July 2019
Kalyani
(Chartered Accountant)
(181 Points)
Replied 29 July 2019
Yes, The loan amount should not exceed Rs.35 lakhs and it should be sanctioned in FY 2016-17.The Assessee can claim deduction only on interest. The amount deduction shall be the interest payable or Rs 50,000,whichever is less.
"Live Course on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
