section 80ee

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  1. rimpi

    rimpi New Member

    whether limit of amount of loan of Rs 35 lakhs and cost of property of Rs 50 lakhs for the AY 2017-18 applicable to per person or not. Suppose X and Y wants to take joint loan for property worth Rs 60 lacs and Rs 25 lakhs loan to be taken by X and Rs 20 lakhs loan to be taken by Y. Then, would additional Rs 50,000/- deduction u/s 80EE available to both the borrowers or not. Pls. clarify.
  2. ZED

    ZED Well-Known Member

    Ma'am following are the conditions which must be satisfied in order to claim the deduction u/s 80EE;

    The deduction under sub-section (1) of section 80EE shall be subject to the following conditions, namely:—

    (i) the loan has been sanctioned by the financial institution during the period beginning on the 1st day of April, 2016 and ending on the 31st day of March, 2017;

    (ii) the amount of loan sanctioned for acquisition of the residential house property does not exceed thirty-five lakh rupees;

    (iii) the value of residential house property does not exceed fifty lakh rupees;

    (iv) the assessee does not own any residential house property on the date of sanction of loan.

    Since the value of property in your case is 60 Lakhs, condition (iii) is not satisfied and hence deduction can not be claimed.

    [It's not the value of the share in residential house property, it is the value of the residential house property.]

    Deduction u/s 80EE can be claimed by two assessees if all the four conditions are satisfied by them.
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