Sir as per section 24 B , Deduction for additional interest of Rs. 50,000/- per annum for loans up to Rs. 35 Lakh sanctioned in 2016-17 for first time home buyers, where house cost does not exceed Rs. 50 lakh. I had purchased a property in 2016-17, My Property value is less than 50 lacs, but i had taken a loan of 42 lacs. that time. If i close the loan of 7 lacs ,Will i be eligible for additional rebate of 50k.
1 Answers
Hi,
I believe that you may not be eligible for the additional benefit of Rs 50k u.s 80EE.
Section 80EE
This was a new proposal which had been made in Budget 2016-17. The same will be continued in FY 2018-19 / AY 2019-20 too. 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 during 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.
- Such eligible home buyers can claim exemption of Rs. 50,000/- for interest on home loan under section 80EE from assessment year beginning from 1 st April 2017 and subsequent years.
Please login or Register to submit your answer