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Sec 80ee of income tax act
Can we take deduction of interest element from beginning of loan repayment ( Before construction completion). Is there any requirement that house property should be constructed before taking deduction. The same is necessary while claiming deduction in house property head ( A building or land appurtenant thereto need to be exit). Further any notified rules for this section, if any.
Replies (3)
Interest on loan from beginning of loan upto completion of construction of house is allowed as deduction in 5 equal instalments from the year of construction.
If same is remain unavailed while claiming u/s 24(b) deduction of same is allowed u/s 80ee subject to condition specified therein
I want to claim it, in the 1st year of loan(2016-17), and construction is yet to be completed(probably in 2017-18). Later on i want to claim deduction in both sec 24(b) & 80ee in year 2017-18. Currently i just to claim sec 80ee deduction for f.y.2016-17
So my concern is that can i claim deduction u/s 80ee in f.y.2016-17 itself before completion of construction or i have to wait for construction completion & should claim the same in 5 installment as we do in case of 24(b) pre-construction period interest.
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