Bought a house in the FY2013-20014 and qualified for all the requirement for claiming Rs 1,00,000 deduction undr Section 80EE: Income Tax benefit on interest on Home Loan (First Time Buyers).
But as i was not aware of this information in the year 2014, i didn't claim 1L deduction for the FY2013-2014.
Is it possible/valid to claim 1L deduction for the next Financial year : FY2014-2015.
A quick response would be appreciated.
Thanks,
Sanjay
Yes, you can claim in current FY, if you satisfy:
i. Loan is sanctioned by a financial institution or housing finance company between 1st April 2013 and 31st March 2014.
ii. Loan amount is Rs 25 lakhs or less and cost of residential house is Rs 40 lakhs or less
This should be the only house owned by the taxpayer at the time of sanction.
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