How to claim home loan interest benefit using 80 EE

How to claim home loan interest benefit using 80 EE?

Project - #makeknowledgefree

By - Amlan Dutta 

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

Question in site 

:

Amlan sir I have some query here is my query

1.In which circumstance I can show home loan interest u/s 80EE and how? can I show it under the head house property interest payable under borrowed capital in spite of 80EE.Whether this 80EE deduction is only for claiming interest over borrowed capital ie ...

over 200000 so as to gain deduction up to 50000.pls clarify it sir if possible youtube tutorial also.

2.My friend purchased some land property of 300000rs including stamp duty charges etc how can I show it in itr1 or which itr will be applicable for him as he is govt employee his income from his salary 

Solution :-

The eligibility of 80 EE is that you must have no other house in your name , the house price is below 50 lakhs , the loan is below 35 lakhs and the loan is sanctioned after FY 2016 17 ...Now, If home loan interest repayment exceeds 2 lakhs ...i.e say it is 2.6 lakhs , then you can use the 80 EE deduction benefit to claim excess of 2 lakhs i.e 0.5 lakhs ....you see the home loan interest repayment doesn't allow you to claim benefit over 2 lakhs but if you have spend more on home loan interest repayment , then using section 80 EE you can claim till 50,000 Rs i.e 0.5 lakhs