Sec 80ee or sec. 24 ??

Hello Friends,

I m Little bit Confused About New insertion of Section 80EE in income tax, as per this section a First time home buyer can take banefit of Rs. 100000 Interest paid by him on home loan, but there is already a section exist (Sec. 24) which provide 150000 Interest Tax benefit. Then how Sec 80EE is useful for an assesse. Because As per act its not additional benefit, i.e. if u use sec 80EE then no deduction shall be allowed in any other provision in respect of such interest.

smileyPlz solve my query

Replies (3)

Deduction u/s 80EE is over and above section 24 and useful when bank rate is increasing, so that a homebuyer may get larger deduction and may afford the flat by paying little lesser tax.

Agree with Mihir Ji

Thanks for rply Mr. Mihir And Kuldeep.

 

 

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