But as per the ready reckoner by Dr. Vinod K. Singhania Sec 80EE clearly states that when deduction under sec 80ee is claimed then that interest is not eligible for deduction under any other section. Which is better to claim deduction under Sec 80EE of under sec 24
The conditions to be fulfilled to avail extra deductions u/s 8EE are given below:
1) Value of the residential property must NOT exceed 40 lacs
2) Loan sanctioned must NOT exceed 25 lacs
3) Loan sanctioned is between the period from 1/4/2013 to 31/3/2014
4) Assessee is the first time home buyer.
5) Assessee does not own any other residential property on the date of loan sanctioned.
Looking at the information provided by you, it appears that you shall be eligible to avail the extra 1 lac deduction u/s 80EE.
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