Housing Loans-Clarification sec. 24 & 80 EE

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  1. sudhir kumar gupta

    sudhir kumar gupta New Member

    Dear Sir/Madam,

    In Nov. 2010 i bought a house worth Rs 38 Lacs which is under still construction in Noida against which i had availed a housing loan of Rs 24 Lacs from LIC. During 2010-2011, 2011-12, 2012-13, 2013-14, 2014-15 i have paid the interest component ( Approx. 12 Lacs) towards my housing loan, now my question is that if possession of the said house is given to me say in the month 0f marth 2015 how much interest i can claim under Sec-24. As far as i know under Sec-24 for under construction houses if the possession is given within 3 Years then max claimable amount would be Rs 2.00 Lacs otherwise the amount would be Rs 30000. My next question is what is the maximum amount that one can claim under Sec. 24 & 80 EE (clubbing together) is Rs 2 Lacs (Sec 24)+ Rs 1.00 Lacs =3.00 Lacs, is my calculation right?
  2. Sahil Oberoi

    Sahil Oberoi Member

    Section 80EE is only applicable if the Loan is sanctioned between 1st April 2013 and 31st March 2014.

    As your loan was sanction before 1st April 2013, therefore you are not eligible to claim deduction under section 80ee
  3. sudhir kumar gupta

    sudhir kumar gupta New Member

    what is the amount i can claim under Sec-24 in my case?
  4. sai tejesh(ca.final)

    sai tejesh(ca.final) Active Member

    If the property which you have said is let out property then there is no limit to claim deduction u/s-24...that means whatever the interest which you have incurred can avail deduction u/s-24. ........The total interest which you have paid from 2010-15 is 12L.First segregate that amount into two parts i.e one from 2010-14 and one is only for the year 2014-15..Divide the preconstruction interest(i.e from 2010-14) into five equal parts..then you claim deduction of one part+ interest for current year 2014-15 . .........Otherwise if it is a self occupied property then maximum deduction which you can claim u/s-24 is 30000,because you did not satisfy the condition that property is not constructed within 3 years from the end of the previous year in which loan is sanctioned...that means if you construct property before 1-04-2014 then you can claim max limit. .......And i agree with sahil oberoai that you can't claim deduction u/s 80EE because your loan does not sanctioned in between 1-4-2013-31-3-2014....NOTE POINT:Calculate interest on accrual basis not in cash basis.
    Last edited: Feb 9, 2015
    sudhir kumar gupta likes this.
  5. sudhir kumar gupta

    sudhir kumar gupta New Member

    Thanx for valuable suggestion....
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