80EE. [1] In computing the total income of an assessee, being an individual, there shall be deducted, in accordance with and subject to the provisions of this section, interest payable on loan taken by him from any financial institution for the purpose of acquisition of a residential property.
-can loan taken for construction of property allow as deduction ??
here write only acquisition of property..
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section 80EE
Replies (2)
Construction loans come essentially under the category of home loans only. So deduction can be claimed subject to other conditions being met like construction must be completed within 5 years from the end of the financial year in which the loan is taken. You can, however, start claiming deduction in the financial year when the construction is completed and till the time loan is fully repaid.
section 80EE applicable only to acquisition and not construction
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