Who is eligible for Section 80EE?

Only individual taxpayers can claim deduction under Section 80EE on properties purchased either singly or jointly. If an individual has bought a property jointly with his or her spouse and they are both paying the instalments of the loan, then the two can individually claim this deduction.

What is 80EE & 80EEA?

A deduction for interest payments up to Rs 1,50,000 is available under Section 80EEA. This deduction is over and above the deduction of Rs 2 lakh for interest payments available under Section 24 of the Income Tax Act.

What is the maximum limit under section 80EEA?

What is the difference between Section 80EEA & Section 80EE?

Section 80EEA	Section 80EE
Loan should be sanctioned during 01-April-2019 to 31-March-2020	Loan should be sanctioned during 01-April-2016 to 31-March-2017
Maximum deduction available is Rs. 1,50,000/-	Maximum deduction available is Rs. 50,000/-

Can I claim both 80EEA and section 24?

Buyers can claim deductions under both, Section 24(b) and Section 80EEA, and enhance their total non-taxable income to Rs 3.50 lakhs, if they meet the eligibility criteria. However, deductions under Section 80EEA can only be claimed after exhausting the Rs 2-lakh limit under Section 24(b).

What is the maximum limit of interest on housing loan exemption?

What is maximum amount I can avail for deduction of interest paid on my housing loan? Under Section 24 of the Income Tax Act, an individual can claim tax deduction of the interest payment on the housing loan up to a maximum amount of Rs. 2,00,000.

Can we claim both 80EE and 80EEA?

Those claiming deductions under Section 80EE cannot claim deductions under Section 80EEA. This is specifically mentioned in the law.

Can I claim both 80EE and section 24?

Section 80EE and Section 24 If you can satisfy the conditions of both Section 24 and Section 80EE of the Income Tax Act, be quick to claim the benefits. First, exhaust your deductible limit under Section 24, Rs 2 lakh. Then go on to claim the additional benefits under Section 80EE.

How do I claim deductions under section 24?

Section 24 of the Income Tax Act lets homeowners claim a deduction of up to Rs. 2 lakhs (Rs. 1,50,000 if you are filing returns for last financial year) on their home loan interest if the owner or his family reside in the house property. The entire interest is waived off as a deduction when the house is on rent.

Who can claim 80EE and 80EEA?

Features of Section 80EEA The deduction under this section is available only to individuals. This deduction is not available to any other taxpayer. Thus, if you are a HUF, AOP, Partnership firms, a company, or any other kind of taxpayer, you cannot claim any benefit under this section.

What are comes under 80C?

What are the investments eligible for deduction under 80C? PPF, NSC, NPS, Tax saver FDs, Post Office Term Deposit, ELSS, ULIP, Senior Citizens Savings Scheme, Sukanya Samridhi Account.

What are the conditions required to claim deduction under section 80ee?

The following are the conditions that need to be noted to claim deduction under Section 80EE: This must be the first house that the taxpayer has purchased. The value of the house should be Rs. 50 lakhs or less. The home loan availed should be Rs. 35 lakhs or less. The home loan has been sanctioned

What are the tax benefits of section 80ee?

Section 80EE allows income tax benefits on the interest portion of the residential house property loan availed from any financial institution. You can claim a deduction of up to Rs. 50,000 per financial year as per this section. You can continue to claim this deduction until you have fully repaid the loan.

What is the deduction for home loan under 80ee?

As per income tax act, deduction u/s 80EE is allowed for a loan taken to purchase first residential house property. Whether you use it for yourself or let it out on rent is irrelevant. In both the cases, the deduction amount will remain the same as INR 50,000

What is the value of the House property under section 80ee?

The value of the house property should be upto Rs. 50 lakhs. The home loan taken should be upto Rs. 35 lakhs. Section 80EE provides deduction only for the interest portion of a house loan. The house loan must be approved by a Housing Finance organization or a financial institution.