Sec 80EE and Sec 80C for Under Construction Property

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  1. rishengi01

    rishengi01 New Member

    Hi i have taken loan in jan 2014, Claimed 14000 interest in that year. Can i claim (100000-14000) for financial year 2014-2015. But i paid 55000 only as a interest in the financial year 2014-2015.
    To what amount i can claim for deduction.

    Also regarding principal repayment for under construction property.Please clarify.
     
  2. Parul_Gupta

    Parul_Gupta Active Member

    1. Is the property fully constructed or under construction
    2. In case of fully constructed property, you can claim the deduction for interest. The deduction would not be on the interest repaid but the interest levied for the whole year.
     
  3. rishengi01

    rishengi01 New Member

    Property is not fully constructed.
    Above query is regarding SEC 80EE
    not regarding sec 24. Just a fyi.

    Please resolve
     
  4. Parul_Gupta

    Parul_Gupta Active Member

    1. Yes, you can claim deduction under Section 80EE for under construction property as well.
    2. Deduction under Section 80C is allowed only after the property is completed. So you can claim deduction for repayment of principal after the property is completed.
     
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