Additional 50K Tax exemption for home loan

Hi,
I have purchased a flat 48Lakhs (Oct'15) and home loan from bank is 38Lakhs and this is my first home. 
Please suggest me is it possible for me to claim the additional 50K tax exemption under to new tax rules for this FY ?

Regards,
Satya
Asked 6 months ago in Income Tax from Bangalore, Karnataka
Dear Satya,

The given deduction was not available in FY 2015-16. 

IT was available before and it is again available from 2016-17 subject to following conditions:

1. This deduction would be allowed only if the value of the property purchased is less than Rs. 50 Lakhs and the value of loan taken is less than Rs. 35 Lakhs.
2. The loan should be sanctioned between 1st April 2016 and 31st March 2017.
3. The benefit of this deduction would be available till the time the repayment of the loan continues.
4. This Deduction would be available from Financial Year 2016-17 onwards.

Please feel free to revert in case of any doubts.

Thanks and Regards,
CA Abhishek Dugar
caabhishekdugar@gmail.com

Abhishek Dugar
CA, Mumbai
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This additional deduction of Rs.50000 in Budget 2016 has been given on interest for loan up to Rs 35 lakh, provided the house value doesn't exceed Rs 50 lakh. 


In our opinion This will be applicable for the house purchased after Mar 2016.

Shyam Sunder Modani
CA, Hyderabad
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Deduction under 80EE is available only if loan sanctioned during 1/4/2016 to 31/3/2017 and is upto Rs 35 Lacs. Thus in your case deduction will not be available. Regards
Saket Jain
CA, Greater Mumbai
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Dear Sir,

You are not elligible for the deduction, since you have purchased the property before 01st April 2016.

Trust this clarifies your query. 

Please feel free to call/ get back in case of any further clarifications. 

Thanking You. 

Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP 
Rohit R Sharma
CA, Mumbai
719 Answers
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