Sir, if a person tak loan in fy 2014-2015 can he avail 80ee in fy 2016-2017?

Sir, A salary person taken loan in Fy 2015-2015 can he avail benefit 80EE in FY 2016-2017.
Replies (8)

As he still paying the principal amount?

Besides, being an Individual Taxpayer, there are a set of conditions that you must satisfy before you go on to claim the benefit under this section –

This is the 1st house you have purchasedValue of this house is Rs 50 lakhs or lessLoan taken for this house is Rs 35 lakhs or lessLoan has been sanctioned by a Financial Institution or a Housing Finance CompanyLoan has been sanctioned between 01.04.2016 to 31.03.2017As on the date of sanction of loan no other house is owned by you
Besides, being an Individual Taxpayer, there are a set of conditions that you must satisfy before you go on to claim the benefit under this section –

1.This is the 1st house you have purchased.

2.Value of this house is Rs 50 lakhs or less

3.Loan taken for this house is Rs 35 lakhs or less

4.Loan has been sanctioned by a Financial Institution or a Housing Finance Company.

5.Loan has been sanctioned between 01.04.2016 to 31.03.2017

6.As on the date of sanction of loan no other house is owned by you
You can't take deduction as condition 5 is not satisfied.

NO.

For financial year 2015-16, Section 80EE are not available. These are applicable starting financial year 2016-17. 

You can clain interest deduction u/s.24(b) upto 2,00,000/- for the interest paid andfor principal amount upto 1.50 lakhs u/s. 80C, subject to other conditions.

In case it is rented, the interest deduction is fully allowed, no need to claim u/s.80EE !!!

So sir in ITR 1 how to show the deduction U/s 24(b) as he is salaried person.Can be claim from gross total income of salary.

ITR1 > Income Details > Sr. No. B2 " Income from One House Property (If loss, put the figure in negative)" 

Here the loss (that is interest paid over house loan is shown in negative............

Deduct int from house property income & shown such in house property income.
In case of loss show negative figures.

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