conditions to get i t benifit u/s 24,80ee

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  1. bijoy mondal

    bijoy mondal New Member

    Dear ,
    I Bijoy ,want to know that , I had apply a house loan of rs.40l, where property sale value is 50l,and it b my fitst property and first home loan. hat ill b d tax benifit if i purshase it in d month of nov14.
     
  2. rudrabose

    rudrabose Active Member

    You would be eligible to claim benefits deduction for Interest paid under Section 24.

    However, deduction under Section 80EE is only allowed in case the loan was sanctioned between 1st April 2013 and 31st Mar 2014.
     
  3. bijoy mondal

    bijoy mondal New Member

    thanx a lot for reply. i want to know another thing. if r there any upperlimit of house loan and property value to get tax benifit U/s 80c( loan principal) u/s 24(loan interest)
     
    Last edited: Oct 22, 2014
  4. bijoy mondal

    bijoy mondal New Member

    thanx a lot for reply. i want to know another thing. if r there any upperlimit of house loan and property value to get tax benifit U/s 80c( loan principal) u/s 24(loan interest)?
     
  5. rudrabose

    rudrabose Active Member

    There is no upper limit as such for the upper limit of home loan and property value.

    However, the following is the maximum deduction allowed every year for repayment of home loan:-

    1..Repayment of Principal of Home Loan under Section 80C - Rs, 1,50,000
    2. Repayment of Interest on Home Loan under Section 24 - Rs. 2,00,000 for Self-occupied property and No Limit for Self Occupied Property.
     
  6. bijoy mondal

    bijoy mondal New Member

    So, if I purchase a ready house of Rs. 60lakhs and i take loan from bank of Rs.40lakhs,then i b able to get tax benifit U/S 80c & 24.
    right?????
     
  7. rudrabose

    rudrabose Active Member

    Yes, in your case you would be able to claim deduction under both Sec 80C as well as Sec 24.

    Infact this not only applies to your case but can be claimed in all cases.
     
  8. bijoy mondal

    bijoy mondal New Member

    thanks a lot , 4 assist.
     
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