Seaction 80EE Home loan Advanctage

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  1. SATISH RATHORE

    SATISH RATHORE New Member

    Hi.. I recently taken home loan and it is Approved on 20-Mar-2014. So can i take advantage on Home loan interest in section 80EE from next Fin year onward or its need to be disbursement before 31-Mar-2014.
     
  2. Neha Sharma

    Neha Sharma Active Member

    The Income Tax Act says that the Loan must be sanctioned before 31st March 2014. It does not talk about disbursal before 31st March 2014

    Although I'm not sure but in my opinion, deduction should be allowed even if the disbursal has not been made.
     
  3. SATISH RATHORE

    SATISH RATHORE New Member

    Sorry for a silly question like is "Is Loan Approved is equals to Loan sanctioned ? Right". How can i claim it from Next Fin Year .
     
  4. jagmohan singh

    jagmohan singh New Member

    An individual assessee will be entitled for a deduction upto Rs. 100000/- u/s 80EE on account of payment of interest on fulfilling the following conditions:
    1) The loan is sanctioned between Ist April,2013 and 31st march, 2014.
    2) The amount of loan does not exceed Rs. 25 Lakh.
    3) The value of residential property does not exceed Rs. 40 Lakh.
    4) Individual does not own any residential property as on date of sanction of loan.
    Kindly note that the deduction is available for one year only i.e A.Y. 2014-15.
     
    SATISH RATHORE likes this.
  5. RVN

    RVN New Member

    An assessee has bought a house property on 19/03/2013 and he has taken a housing loan in F.Y. 2013-14. Also he has complied with all other provisions given under the section. So my query is whether he will be able to claim deduction u/s 80EE?
     
  6. Neha Sharma

    Neha Sharma Active Member

    Dear @RVN

    As the house has been purchased in FY 2013-14 and loan was also taken in FY 2013-14, the assessee can claim deduction under Section 80EE
     
  7. RVN

    RVN New Member

    Hey Neha...thank you
    But my query isn't solved yet because the house property has been purchased during F.Y. 2012-13 (19/03/2013) and not F.Y. 2013-14.
     
  8. Neha Sharma

    Neha Sharma Active Member

    So, how have you acquired the property before taking the Loan ?
     
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