Section 80EE: Income Tax Benefit on Interest on Home Loan (First Time Buyers)

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  1. Rohit_Rohra

    Rohit_Rohra New Member

    I have bought home in Jan @ 43 lakhs and home loan of Rs. 35 lakhs is sanctioned by SBI yesterday (8th March, 2016)

    So want to know if I will be eligible to take benefit of 80EE - additional benefit of exemption Rs. 50000 in coming financial years or not?
  2. Piyush Chawla

    Piyush Chawla Active Member

    No, you would not be eligible to claim benefit under Section 80EE as this section specifically states that it is applicable only for loans sanctioned between 1st April 2016 and 31st Mar 2017
  3. Rohit_Rohra

    Rohit_Rohra New Member

    In case if I get it disbursed in April, is there any chance that i can get benefit of 80EE?

    And will this only be applicable for 2016 - 2017?
    Last edited: Mar 9, 2016
  4. Piyush Chawla

    Piyush Chawla Active Member

    The law does not talk about disbursal, it talks about date of sanction of loan.

    Therefore you cannot claim deduction
  5. Rohit_Rohra

    Rohit_Rohra New Member

    Thanks for details

    One last question - Say if loan is sanctioned in April 2016, benefit will be for just one year 2016 - 2017 or is it we will get benefit till the year repayment is completed
  6. R P Samant

    R P Samant New Member

    Sir, My loan of Rs 25 Lakhs was sanctioned on 28 march 2014 for 40 Lakhs ready and self occupied house .
    I am eligible foe additional benefit of 50,000 interest u/s 24 or 80EE
  7. prasaddv

    prasaddv New Member

    no, you will be not be able to under section 80EE
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