Availing section 24 & 80 EE

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  1. Manoj Aryabhumi

    Manoj Aryabhumi New Member

    I am a govt employee working in West Bengal. I am buying a fully constructed house in bangalore in december by taking a home loan of 25L. I am elible to avail 80EE. My EMI starts from january 2015. So, for the FY 2013-14, my principle component would be 17K & interest component wil be 69K (approx). How should I best avail sections 24 & 80EE for this. Can I show this 69K under section 24 & avail full 1L under section 80 EE next year. Or should I break it up into parts as, say, 65K under section 24 & 4K under section 80 EE. Please suggest best possible course of action for maximum benefit.
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    Dear @Manoj Aryabhumi

    There are certain conditions for availing benefit of deduction under section 80EE

    Could you please confirm if you are complying with all the conditions and then we'll help you plan your taxes.
  3. Manoj Aryabhumi

    Manoj Aryabhumi New Member

    Yes Mr.Gaurav, I have read & completely understood 80EE & I fulfill all the conditions. I have no other home property on my name. This is my first home & first loan too. Loan amount is 25L or below. The property value does not exceed 40L.
  4. gaurav_kumar

    gaurav_kumar Well-Known Member

    The benefit arising to you would be the same irrespective of whether you show it only under 1 section or under different sections.

    However, in case the property is under construction - deduction under section 24 wont be allowed till the time the property is completed.

    So in case the property is completed - it would be better to claim all the deduction under Section 24 only. In case the property, is under construction claim deduction under Section 80EE and balance claim under section 24 after the property is completed.
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