Section 80EE

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  1. vivek.ca06

    vivek.ca06 New Member

    Dear Sir

    My Humble request for clarification of query is about deduction u/s 80EE. Detail of case is as under

    1. Person is not having any House Property on the date of sanction of Housing Loan.

    2. Loan sanctioned is Rs. 25,00,000/-

    3. Person has applied for LDA (Lucknow Development Authority) Flat.

    4. LDA will provide him Flat for Rs. 37.50 Lacs

    5. Flat is Under Construction and (construction period is 30 months).

    Query: Deduction u/s 80EE can be given/availed without "Possession/ownership of HP" (During construction period) or not? Please provide your valuable suggestions, thanks in advance.

    Attached Files:


    VAIBHAV DILIP RANE Active Member

    We always concern, the vocabulary language and concerned statement used in the Act.

    No where in the Section, it has mention that,.. Ownership must be Acquired.


    Sec 80 EE of the Income Tax Act,

    Conditions u/s. 80EE of the Income Tax Act, 1961 :-

    1) Housing Loan (HL) must be Sanctioned by the financial institution (FI) after 01-04-2013.
    2) The amount of HL Sanctioned shall not exceeds Rs. 25 Lakhs.
    3) The Purchase price of a Residential Property shall not exceeds Rs. 40 Lakhs
    4) The Assessee does not Own, any residential property on date of saction of HL

    Deduction will be HL Interest paid in relevant PY or Rs. 100,000 /- whichever is less.

    If your HL Interest is less than Rs. 1 Lakhs in AY, than you can claim the difference in next AY.

    *** Possession is not Important, there must be an agreement to buy a residential property, and a housing loan sanctioned after 01-04-2013, for the same property...
  3. Neha Sharma

    Neha Sharma Active Member

  4. Vishal kamra

    Vishal kamra New Member

    if deduction is claimed under section 80EE than we cannot claim under house property is this correct..?
  5. Neha Sharma

    Neha Sharma Active Member

    @Vishal kamra
    There is no correlation between Section 80EE and Claim under House Property

    VAIBHAV DILIP RANE Active Member

  7. Vishal kamra

    Vishal kamra New Member

  8. Vishal kamra

    Vishal kamra New Member

    if we have taken a loan of 200000 @10% then firstly 150000 will be deducted under house property and then 50000 under section 80EE. is this correct?

    VAIBHAV DILIP RANE Active Member

    Yes,.. as said by you, the case is correct,... First IFHP and than 80EE,...

    Subject to assessee is eligible under section 80EE.
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