Income tax rebate on home loan

Hii Saxena Ji

Yes You can claim Deduction under section 24 and 80 C and for 80EE please read below

Section 80EE

This was a new proposal which had been made in Budget 2016-17. The same will be continued in FY 2017-18 / AY 2018-19 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 / 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.

Hi

Yes, you can claim all these exemptions. You have rightly calculated the exemption amounts.

For section 80EE, most of the conditions are satisfied as per the facts mentioned by you. Ensure the following as well:

1. Value of this house is Rs 50 lakhs or less

2. Loan taken for this house is Rs 35 lakhs or less

3. As on the date of sanction of loan no other house is owned by you (may be gifted/ ancestral etc.)

Hi Mr. saxena,

1. Yes, you can claim.

2. You can claim the deduction subject to certain conditions?. there are a set of conditions that you must satisfy before you go on to claim the benefit under this section –

A. This is the 1st house you have purchased

B. Value of this house is Rs 50 lakhs or less

C. Loan taken for this house is Rs 35 lakhs or less

D. Loan has been sanctioned by a Financial Institution or a Housing Finance Company

Loan has been sanctioned between 01.04.2016 to 31.03.2017

E. As on the date of sanction of loan no other house is owned by you

3. Yes, you can take the deduction.

Please feel free to call/ revert in case you need more clarity.

Thanks and regards

Abhishek Dugar

CA CS B.Com

Hi Mr. Saxena,

Yes, you can claim the respective deductions under sections 24, 80EE and 80C of the Income-tax Act, 1961.

However, please ensure that you satisfy all the conditions of section 80EE. While your loan has been sanctioned within the prescribed time limit, you have not mentioned the amount of loan and the value of your property. You can claim deduction under section 80EE if the amount of loan is less than Rs. 35 lakhs and the value of residential property is less than Rs. 50 lakhs.

Trust this clarifies.

Regards,

Keerthiga Padmanabhan

M.Com., CA, LL.B

Yes, in that case, all the above deductions shall be available.

Yes, you do. You can claim benefit of all three sections.

Hello,

Yes, as explained by you, you are eligible for dedcution u/s 80EE and hence can claim the additional deduction.

Trust this clarifies your query.

Feel free to call / get back in case of further clarifications.

Thanking You.

Regards,

Rohit R Sharma

BCOM, FCA, LLB, CERT. FAFP

Yes, in that case you satisfy the conditions.

Please feel free to call/ revert in case you need more clarity.

Thanks and regards

Abhishek Dugar

CA CS B.Com