Hi Sreekanth,
Question : Please help me in knowing if me and my wife can use the 80EE benefit and below are the details. I have to submit my IT declaration.
- We have applied for joint home loan and Rs 40L was approved and till date only 30L of loan amount is utilized by the builder.
- Loan Sanctioned date is September 2015
- The total cost of the building is 60L (48L is building cost + 12L(Parking + Bescom + Tax and other))
- I will get the possession in next couple of months
- This is the 1st house for both me and my wife.
1 Answers
Dear Shiva,
First time Home Buyers can claim an additional Tax deduction of up to Rs 50,000 on home loan interest payments u/s 80EE. The below criteria has to be met for claiming tax deduction under section 80EE.
- The home loan should have been sanctioned in/after FY 2016-17.
- Loan amount should be less than Rs 35 Lakh.
- The value of the house should not be more than Rs 50 Lakh &
- The home buyer should not have any other existing residential house in his name.
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