Sateesh (Finance Analyst) (41 Points)
08 January 2018Hello Everyone,
Could you please help me on the below query.
I have purchased a Residential Property (1st time Buyer) worth 30 Lakhs, Housing loan sanction: 27 Lakhs in June 2016. I have now let out the said property.
Total Interest paid during the year is Rs. 2,30,000. Rent received for letting out is Rs 45,000 after standard deduction.
I want to now claim balance Interest of Rs. 45,000 under section 80 EE.
Whether I am eligible to claim u/s 80 EE as I have let out the property.
Arjun Gupta
(Chartered Accountant)
(177 Points)
Replied 08 January 2018
If total interest paid during the concerned year is Rs. 230000, you can take following deductions:
u/s 24- upto Rs. 200000 (provided conditions of section 24 are fulfilled)
u/s 80EE- Rs. 30000 (max. allowable deduction Rs. 50000 u/s 80EE)
Moreover, benefit of Section 80EE is not available if the assessee own more than one residential house property on the date of sanction of loan.
Sateesh
(Finance Analyst)
(41 Points)
Replied 08 January 2018
Thank You Arjun,
I am a first time buyer and i dont have any other property.
Sateesh
(Finance Analyst)
(41 Points)
Replied 08 January 2018
Hi Arjun,
My only question is whether deduction u/s 80 EE is available only for only Self Occupied Property or for LET OUT Property also.
Thanks In advance.
Arjun Gupta
(Chartered Accountant)
(177 Points)
Replied 08 January 2018
Yes, deduction u/s 80EE will still be available even if the property is let out.
Sateesh
(Finance Analyst)
(41 Points)
Replied 08 January 2018
Thank you Arjun.
This was really helpful.
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