{"id":5917,"date":"2023-12-04T12:59:39","date_gmt":"2023-12-04T07:29:39","guid":{"rendered":"https:\/\/simplemyfiling.com\/?p=5917"},"modified":"2023-12-04T13:03:47","modified_gmt":"2023-12-04T07:33:47","slug":"tax-benefits-deductions-under-section-24b-80ee-80eea","status":"publish","type":"post","link":"https:\/\/simplemyfiling.com\/index.php\/2023\/12\/04\/tax-benefits-deductions-under-section-24b-80ee-80eea\/","title":{"rendered":"TAX BENEFITS: DEDUCTIONS UNDER SECTION 24B, 80EE &amp; 80EEA"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"5917\" class=\"elementor elementor-5917\">\n\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a080083 e-flex e-con-boxed e-con e-parent\" data-id=\"a080083\" data-element_type=\"container\" data-settings=\"{&quot;content_width&quot;:&quot;boxed&quot;}\" data-core-v316-plus=\"true\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e301a2e eael-dual-header-content-align-center elementor-widget elementor-widget-eael-dual-color-header\" data-id=\"e301a2e\" data-element_type=\"widget\" data-widget_type=\"eael-dual-color-header.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\n\t\t        <div class=\"eael-dual-header\">\n\t\t\t\t<h2 class=\"title\"><span class=\"ez-toc-section\" id=\"TAX_BENEFITS_DEDUCTIONS_UNDER_SECTION_24B_80EE_80EEA\"><\/span><span  class=\"lead solid-color\">TAX BENEFITS: DEDUCTIONS UNDER <\/span> <span>SECTION 24B, 80EE &amp; 80EEA<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 ez-toc-wrap-center counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\" role=\"button\"><label for=\"item-69d3edd61e1c3\" ><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input aria-label=\"Toggle\" aria-label=\"item-69d3edd61e1c3\"  type=\"checkbox\" id=\"item-69d3edd61e1c3\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><ul class='ez-toc-list-level-2'><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/simplemyfiling.com\/index.php\/2023\/12\/04\/tax-benefits-deductions-under-section-24b-80ee-80eea\/#TAX_BENEFITS_DEDUCTIONS_UNDER_SECTION_24B_80EE_80EEA\" title=\"TAX BENEFITS: DEDUCTIONS UNDER  SECTION 24B, 80EE &amp; 80EEA\">TAX BENEFITS: DEDUCTIONS UNDER  SECTION 24B, 80EE &amp; 80EEA<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/simplemyfiling.com\/index.php\/2023\/12\/04\/tax-benefits-deductions-under-section-24b-80ee-80eea\/#Deductions_under_section_24b_Section_80EE_and_Section_80EEA_In_respect_of_the_Interest_on_Borrowed_CapitalHousing-Loan_under_the_Income_Tax_Act_1961\" title=\"Deductions under section 24b, Section 80EE and Section 80EEA: In respect of the Interest on Borrowed Capital\/Housing-Loan under the Income Tax Act, 1961\">Deductions under section 24b, Section 80EE and Section 80EEA: In respect of the Interest on Borrowed Capital\/Housing-Loan under the Income Tax Act, 1961<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/simplemyfiling.com\/index.php\/2023\/12\/04\/tax-benefits-deductions-under-section-24b-80ee-80eea\/#1_Section_24b_Interest_on_Borrowed_Capital_or_a_Housing_Loan\" title=\"1.&nbsp;&nbsp; Section 24b: (Interest on Borrowed Capital or a Housing Loan):\">1.&nbsp;&nbsp; Section 24b: (Interest on Borrowed Capital or a Housing Loan):<\/a><ul class='ez-toc-list-level-2'><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/simplemyfiling.com\/index.php\/2023\/12\/04\/tax-benefits-deductions-under-section-24b-80ee-80eea\/#A_Tax_provision_in_case_of_Let-out_or_Deemed_to_be_Let-out_house_property\" title=\"A.&nbsp; Tax provision in case of Let-out or Deemed to be Let-out house property:\">A.&nbsp; Tax provision in case of Let-out or Deemed to be Let-out house property:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/simplemyfiling.com\/index.php\/2023\/12\/04\/tax-benefits-deductions-under-section-24b-80ee-80eea\/#B_Tax_provision_in_case_of_Self-occupied_house_property\" title=\"B.&nbsp;&nbsp; Tax provision in case of Self-occupied house property:\">B.&nbsp;&nbsp; Tax provision in case of Self-occupied house property:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/simplemyfiling.com\/index.php\/2023\/12\/04\/tax-benefits-deductions-under-section-24b-80ee-80eea\/#C_Summary_in_brief_regarding_Interest_on_Borrowed_CapitalHousing_Loan\" title=\"C.&nbsp; Summary in brief regarding Interest on Borrowed Capital\/Housing Loan:\">C.&nbsp; Summary in brief regarding Interest on Borrowed Capital\/Housing Loan:<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/simplemyfiling.com\/index.php\/2023\/12\/04\/tax-benefits-deductions-under-section-24b-80ee-80eea\/#Let-out_Deemed_to_be_Self-occupied_House_or_Houses_Let_House-Property\" title=\"Let-out \/ Deemed to be Self-occupied House or Houses Let House-Property\">Let-out \/ Deemed to be Self-occupied House or Houses Let House-Property<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/simplemyfiling.com\/index.php\/2023\/12\/04\/tax-benefits-deductions-under-section-24b-80ee-80eea\/#2_Section_80EE_Interest_on_borrowingLoan_for_Residential_House_Property_to_First-Time_BuyerPurchaser\" title=\"2.&nbsp;&nbsp;&nbsp; Section 80EE: (Interest on borrowing\/Loan for Residential House Property to First-Time Buyer\/Purchaser):\">2.&nbsp;&nbsp;&nbsp; Section 80EE: (Interest on borrowing\/Loan for Residential House Property to First-Time Buyer\/Purchaser):<\/a><ul class='ez-toc-list-level-2'><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/simplemyfiling.com\/index.php\/2023\/12\/04\/tax-benefits-deductions-under-section-24b-80ee-80eea\/#A_Eligibility_and_requisite_conditions_us_80EE\" title=\"A.&nbsp; Eligibility and requisite conditions u\/s 80EE:\">A.&nbsp; Eligibility and requisite conditions u\/s 80EE:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/simplemyfiling.com\/index.php\/2023\/12\/04\/tax-benefits-deductions-under-section-24b-80ee-80eea\/#B_Quantum_of_Deduction_us_80EE\" title=\"B.&nbsp;&nbsp; Quantum of Deduction u\/s 80EE:\">B.&nbsp;&nbsp; Quantum of Deduction u\/s 80EE:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/simplemyfiling.com\/index.php\/2023\/12\/04\/tax-benefits-deductions-under-section-24b-80ee-80eea\/#3_Section_80EEA_Interest_on_Loan_acquiredtaken_for_Affordable_Residential_House_Property_in_case_of_First-Time_Home_Buyers\" title=\"3.&nbsp;&nbsp;&nbsp;&nbsp; Section 80EEA: (Interest on Loan acquired\/taken for Affordable Residential House Property in case of First-Time Home Buyers):\">3.&nbsp;&nbsp;&nbsp;&nbsp; Section 80EEA: (Interest on Loan acquired\/taken for Affordable Residential House Property in case of First-Time Home Buyers):<\/a><ul class='ez-toc-list-level-2'><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/simplemyfiling.com\/index.php\/2023\/12\/04\/tax-benefits-deductions-under-section-24b-80ee-80eea\/#A_Eligibility_and_requisite_conditions_us_80EEA\" title=\"A.&nbsp; Eligibility and requisite conditions u\/s 80EEA:\">A.&nbsp; Eligibility and requisite conditions u\/s 80EEA:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/simplemyfiling.com\/index.php\/2023\/12\/04\/tax-benefits-deductions-under-section-24b-80ee-80eea\/#B_Quantum_of_Deduction_us_80EEA\" title=\"B.&nbsp;&nbsp; Quantum of Deduction u\/s 80EEA:\">B.&nbsp;&nbsp; Quantum of Deduction u\/s 80EEA:<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/simplemyfiling.com\/index.php\/2023\/12\/04\/tax-benefits-deductions-under-section-24b-80ee-80eea\/#Hence_the_amount_of_deduction_under_this_section_will_be_less_than_or_equal_to_Rs_150000_only_but_it_cannot_be_more_than_Rs_150000\" title=\"Hence, the amount of deduction under this section will be less than or equal to Rs. 1,50,000 only, but it cannot be more than Rs. 1,50,000.\">Hence, the amount of deduction under this section will be less than or equal to Rs. 1,50,000 only, but it cannot be more than Rs. 1,50,000.<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n\n\t\t\t\t<span class=\"subtext\"><\/span>\n\t\t\t\t<\/div>\n\t\n\t\t\n\t\t\n\t\t\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-375a9e09 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"375a9e09\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-515d5dcd\" data-id=\"515d5dcd\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6580e071 elementor-widget elementor-widget-text-editor\" data-id=\"6580e071\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.17.0 - 08-11-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p><!-- wp:group {\"layout\":{\"type\":\"constrained\"}} --><\/p>\n<div>\n<figure style=\"text-align: left;\">\n<ul>\n<li>\n<div class=\"flex-1 overflow-hidden\">\n<div class=\"react-scroll-to-bottom--css-sojdz-79elbk h-full\">\n<div class=\"react-scroll-to-bottom--css-sojdz-1n7m0yu\">\n<div class=\"flex flex-col pb-9 text-sm\">\n<div class=\"w-full text-token-text-primary\" data-testid=\"conversation-turn-482\">\n<div class=\"px-4 py-2 justify-center text-base md:gap-6 md:py-6 m-auto\">\n<div class=\"flex flex-1 text-base mx-auto gap-3 md:px-5 lg:px-1 xl:px-5 md:max-w-3xl lg:max-w-[40rem] xl:max-w-[48rem] } group final-completion\">\n<div class=\"relative flex w-full flex-col lg:w-[calc(100%-115px)] agent-turn\">\n<div class=\"flex-col gap-1 md:gap-3\">\n<div class=\"flex flex-grow flex-col max-w-full\">\n<div class=\"min-h-[20px] text-message flex flex-col items-start gap-3 whitespace-pre-wrap break-words [.text-message+&amp;]:mt-5 overflow-x-auto\" data-message-author-role=\"assistant\" data-message-id=\"737c554f-f147-41ce-ac4c-b619ce5b2328\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<h3><span class=\"ez-toc-section\" id=\"Deductions_under_section_24b_Section_80EE_and_Section_80EEA_In_respect_of_the_Interest_on_Borrowed_CapitalHousing-Loan_under_the_Income_Tax_Act_1961\"><\/span>Deductions under section 24b, Section 80EE and Section 80EEA: In respect of the Interest on Borrowed Capital\/Housing-Loan under the Income Tax Act, 1961<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>&nbsp;<\/strong><\/p>\n<p>This article aims to provide a comprehensive understanding of the deductions available under Sections 24b, 80EE, and 80EEA of the Income Tax Act, 1961. These sections pertain to the interest on borrowed capital or housing loans, offering taxpayers a way to optimize their tax liabilities. It\u2019s crucial to comprehend the nuances of each section to make informed decisions while seeking these tax benefits.<\/p>\n<p><\/p>\n<p>Hence, for the purpose of availing the correct and maximum benefit of the said deductions, the provisions must be perfectly clear. Also, it is an important to make a note that, these deductions are mutually exclusive, hence, a taxpayers should consider the provisions as per the respective section only, and not in overlapping manner under any other section of the said Act, although being well aware of the fact that if the benefit under any of the section is availed by him\/her, then the same benefit cannot be availed under any other section of the said Act, in the same and succeeding assessment years as per the provision of the I.T. Act, 1961.<\/p>\n<h1><span class=\"ez-toc-section\" id=\"1_Section_24b_Interest_on_Borrowed_Capital_or_a_Housing_Loan\"><\/span>1.&nbsp;&nbsp; Section 24b: (Interest on Borrowed Capital or a Housing Loan):<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p>Interest paid or payable on the borrowed capital\/housing loan for the <strong>purchase or an acquisition, a construction or a re-construction, a repair or a renewal, etc., <\/strong>then under this section deduction is allowed as per the I.T. Act, 1961.<\/p>\n<p><\/p>\n<p>Important is to be clear with the provisions under this section, while calculating income under the head house property, because there is <strong>bifurcation, <\/strong>in terms of the <strong>let-out or deemed to be let-out <\/strong>and <strong>a self-occupied house-property tax provision<\/strong>:<\/p>\n<p><\/p>\n<h2><span class=\"ez-toc-section\" id=\"A_Tax_provision_in_case_of_Let-out_or_Deemed_to_be_Let-out_house_property\"><\/span>A.&nbsp; Tax provision in case of Let-out or Deemed to be Let-out house property:<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>&nbsp;<\/strong><\/p>\n<p><strong>No maximum limit <\/strong>is there in respect to the interest on loan on borrowed capital\/housing loan:<\/p>\n<p><\/p>\n<p><strong>Current Year Interest <\/strong>\u2013 Any interest on loan of the current year, taken for the purchase or an acquisition, a construction or a re-construction, a repair or a renewal, etc., <strong>is allowed as full deduction<\/strong>.<\/p>\n<p><\/p>\n<p><strong>Situation-I<\/strong>, Suppose, the loan is taken and outstanding during the previous year rupees 10.0 Lakhs and the interest is @8% p.a., therefore, interest amount of rupees 80,000 (Rs. 10.0 Lakhs x 8%) will be fully allowed as deduction under this section.<\/p>\n<p><\/p>\n<p><strong>Situation- II<\/strong>, Suppose, the loan amount was taken of rupees 11.0 Lakhs and the rate of interest was @8% p.a., but before the beginning of the previous year itself, rupees 3.0 Lakhs was repaid, then the interest deduction on the balance outstanding amount of rupees 8.0 Lakhs (i.e., Rs. 11.0 Lakhs \u2013 Rs. 3.0 Lakhs), rupees 64,000 (Rs. 8.0 Lakhs x 8%) will be allowed as deduction under this section.<\/p>\n<p><\/p>\n<p><strong>Situation-III, <\/strong>Suppose, the loan amount was taken of rupees 10.0 Lakhs and the rate of interest was 8%p.a., but before the beginning of the previous year itself, rupees 4.0 Lakhs were already repaid and on the last day of seven month in the previous year itself, again rupees 3.0 Lakhs repaid, then interest deduction under this section will be = (Rs. 6.0 Lakhs x 8% x 7\/12 = Rs. 28,000) + (Rs. 3.0 Lakhs x 8% x 5\/12 = Rs. 10,000) = Rs. 38,000 (Rs. 28,000 + Rs. 10,000).<\/p>\n<p><\/p>\n<p><strong>Pre-acquisition or a Pre-construction Period Interest <\/strong>\u2013 Interest on loan for <strong>pre-acquisition or a pre- construction <\/strong>period shall be allowed as deduction in <strong>Five Equal-Instalments or @20%, <\/strong>beginning from the previous year in which the house is acquired or the construction is completed.<\/p>\n<p><\/p>\n<p>These terms Pre-acquisition period and a Pre-construction period means, the <strong>period beginning from the date of borrowing\/loan and ending on 31<\/strong><strong>st <\/strong><strong>March, immediately preceding <\/strong>to the year of the acquisition or a construction of such house-property.<\/p>\n<p><\/p>\n<p><strong>Situation \u2013 I, <\/strong>Suppose, Mr. MSD has taken a loan on 01-04-2017 for construction of a house and the construction was completed on 31-10-2021. So, the pre-construction period shall be considered, starting from 01-04-2017 up to 31-03-2021 only, the previous year in which the house got constructed, the fractional-months from 01-04-2021 to 31-10-2021 (i.e., 7 months) will be not included while calculating a pre-construction period as per the provision of the said Act.<\/p>\n<p><\/p>\n<p><strong>Situation \u2013 II, <\/strong>Suppose, Mr. Kohli has taken a loan of Rs. 10.0 Lakhs @8% interest p.a. for the construction of the house on 01-04-2016 and construction got completed on 31-07-2019, then in this case, interest on loan for pre-construction period will be Rs. 2.40 Lakhs (i.e., Rs. 10.0 Lakhs x 8% x 3 years (2016-17, 2017-18, 2018-19)), and this pre-construction period interest will be allowed in <strong>Five Equal- Instalments <\/strong>or @20%, that is, Rs. 48,000 (i.e., Rs. 2.40 Lakhs x 1\/5) <strong>starting <\/strong>from the assessment year 2019-20 up to assessment year 2023-24.<\/p>\n<p><\/p>\n<h2><span class=\"ez-toc-section\" id=\"B_Tax_provision_in_case_of_Self-occupied_house_property\"><\/span>B.&nbsp;&nbsp; Tax provision in case of Self-occupied house property:<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>&nbsp;<\/strong><\/p>\n<p>The <strong>Net Annual Value (NAV) <\/strong>is taken as <strong>Nil <\/strong>in the case of the <strong>self-occupied house\/houses property<\/strong>, therefore, there is no question about the standard deduction u\/s 24a, but interest on loan taken for the purpose of purchase or a construction, a repair or a renovation, etc., of the <strong>2 house properties <\/strong>is allowed as deduction <strong>u\/s 24b <\/strong>and deducted from the NAV, and accordingly, the <strong>resultant figure will be the loss only under the head of Income from self-occupied House-Property<\/strong>, which is <strong>entitled to be set-off <\/strong>from the profit of the let-out house-property (if any) or if there is no profit is available under this head, then from the other heads of income (up to Rs. 2.0 Lakhs only) <strong>in the same previous year <\/strong>and the balance of loss shall be <strong>carried-forward up to 8 succeeding assessment years <\/strong>which can be set-off from the Income from House-Property <strong>only <\/strong>as per the provision of the I. T. Act, 1961.<\/p>\n<p><\/p>\n<p><strong>Situation \u2013 I, <\/strong>Suppose, a <strong>loss <\/strong>occurred of Rs. 30,000 from a <strong>Self-occupied property \u2013 I <\/strong>in the Previous year 2022-23 and in the <strong>same previous year<\/strong>, there were the <strong>profit <\/strong>of Rs. 45,000 from the <strong>Let-out property -II, <\/strong>then in this case, <strong>loss <\/strong>of Rs. 30,000 will be <strong>set-off <\/strong>in the same previous against the profit of Rs. 45,000 from the same head of the income of house property and accordingly, <strong>net resultant profit <\/strong>will be Rs. 15,000 only (i.e., Rs. 45,000 \u2013 Rs. 30,000) under this head.<\/p>\n<p><\/p>\n<p><strong>Situation \u2013 II, <\/strong>Suppose, a <strong>loss <\/strong>occurred of Rs. 30,000 from a <strong>Self-occupied houses \u2013 I &amp; II <\/strong>collectively in the Previous year 2022-23 and in the <strong>same previous year<\/strong>, there were the <strong>profit <\/strong>of Rs. 25,000 from the <strong>Let-out property -III, <\/strong>and also <strong>profit <\/strong>of Rs. 15,000 in the <strong>other head of income, <\/strong>then in this case, <strong>loss <\/strong>of Rs. 25,000 will be <strong>firstly set-off <\/strong>in the same previous against the <strong>profit <\/strong>of Rs. 25,000 from the same head of the income of house property and <strong>balance of loss of Rs. 5,000 <\/strong>(i.e., Rs.30,000 \u2013 Rs. 25,000) <strong>will be set-off from the profit of the other head of income<\/strong>, accordingly, <strong>nothing <\/strong>from the loss from self-occupied houses are required to be carried forward to be set off in the subsequent assessment years as all the losses had been set-off in the same previous year only, as per the provision of the I. T. Act, 1961.<\/p>\n<p><\/p>\n<p><strong>Situation \u2013 III, <\/strong>Suppose, a <strong>loss <\/strong>occurred of Rs. 3,30,000 from a <strong>Self-occupied houses \u2013 I &amp; II <\/strong>collectively in the Previous year 2022-23 and in the <strong>same previous year<\/strong>, there were the <strong>profit <\/strong>of Rs. 1,25,000 from the <strong>Let- out property -III, <\/strong>and also <strong>profit <\/strong>of Rs. 50,000 in the <strong>other head of income, <\/strong>then in this case, <strong>loss <\/strong>of Rs. 3,30,000 will be <strong>firstly set-off <\/strong>in the same previous against the <strong>profit <\/strong>of Rs. 1,25,000 from the same head of the income of let-out house property and <strong>balance of loss of Rs. 2,05,000 <\/strong>(i.e., Rs.3,30,000 \u2013 Rs. 1,25,000) <strong>will be set-off from the profit of the other head of income <\/strong>to the extent of profit available of Rs. 50,000 (subject to maximum up to Rs. 2.0 Lakhs only), since the income of other head of income is also <strong>insufficient <\/strong>to be set-off the balance of the losses in the same previous accordingly, <strong>balance of loss of Rs. 1,55,000 <\/strong>(i.e., Rs. 2,05,000 \u2013 Rs. 50,000) can be <strong>carried forward to be set off to the extent of the maximum of 8 subsequent assessment<\/strong><\/p>\n<p><\/p>\n<p><strong>years to be set-off with the income from house-property only, <\/strong>as per the provision of the I. T. Act, 1961.<\/p>\n<p><\/p>\n<p>Moreover, as per the provision of the I. T. Act, 1961, the <strong>maximum limits <\/strong>for the interest on loan deduction will be:<\/p>\n<p><\/p>\n<ol>\n<li><strong>If loan is taken up to 31<\/strong><strong>st <\/strong><strong>March, 1999 or before 1<\/strong><strong>st <\/strong><strong>of April, 1999: <\/strong>The <strong>maximum deduction <\/strong>under this section will be <strong>up to Rs. 30,000 only <\/strong>if the loan is taken <strong>up to 31<\/strong><strong>st <\/strong><strong>March, 1999 or before 1<\/strong><strong>st <\/strong><strong>of April 1999, <\/strong>for an objective or a purpose of the purchase or a construction, a repair or a renovation or an extension of such self-occupied house property.<\/li>\n<\/ol>\n<ol start=\"2\">\n<li><strong>If the loan is taken on or after 1<\/strong><strong>st <\/strong><strong>April, 1999: <\/strong>The <strong>maximum deduction <\/strong>under this section will be <strong>up to 2.0 Lakhs only <\/strong>if the loan is taken\/acquired <strong>on or after 1<\/strong><strong>st <\/strong><strong>April, 1999<\/strong>, for purpose of the of purchase or a construction, a repair or a renovation or an extension of a self-occupied house property, provided the below mentioned other conditions are duly satisfied:<\/li>\n<\/ol>\n<p>The purchase or <strong>an acquisition or a construction <\/strong>of the self-occupied house-property <strong>(maximum for 2 self-occupied house-property) <\/strong>must be completed <strong>within the period of 5 years <\/strong>from the end of the financial year in which loan\/capital was borrowed; and<\/p>\n<p>The borrower must have to obtain a <strong>certificate <\/strong>from the lender <strong>signifying <\/strong>the amount of interest payable on such loan and also the purpose of loan, whether the loan was taken for purchase or a construction of house\/houses or for the <strong>re-finance<\/strong>, for the <strong>purpose of re-payment of the previous\/earlier loan taken for the purchase or a construction of the house or houses.<\/strong><\/p>\n<p><strong>Important to note that, <\/strong>if the loan is taken for the <strong>repairs etc., <\/strong>or a <strong>purchase or a construction <\/strong>of house-property, it is <strong>to be completed within the period of 5 years, <\/strong>otherwise the <strong>maximum deduction <\/strong>will be allowed <strong>only up to Rs. 30,000 <\/strong>and <strong>not Rs. 2.0 Lakhs <\/strong>as per the provision of the I. T. Act, 1961.<\/p>\n<p><\/p>\n<h2><span class=\"ez-toc-section\" id=\"C_Summary_in_brief_regarding_Interest_on_Borrowed_CapitalHousing_Loan\"><\/span>C.&nbsp; Summary in brief regarding Interest on Borrowed Capital\/Housing Loan:<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>&nbsp;<\/strong><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Let-out_Deemed_to_be_Self-occupied_House_or_Houses_Let_House-Property\"><\/span>Let-out \/ Deemed to be Self-occupied House or Houses Let House-Property<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><\/p>\n<ul>\n<li><strong>Loan taken up to 31<\/strong><strong>st <\/strong><strong>March, <u>1999 or before 1<\/u><\/strong><strong><u>st<\/u><\/strong><u><\/u><strong><u>April, 1999:<\/u><\/strong><\/li>\n<\/ul>\n<p>Maximum Limit \u2013 <strong>up to rupees 30,000<\/strong><\/p>\n<p><strong>&nbsp;<\/strong><\/p>\n<p>Purpose of Loan \u2013 For purchase, or a construction, or a repair, etc.<\/p>\n<p><\/p>\n<p>Required condition \u2013 <strong>Certificate <\/strong>from the lender signifying required details as per the I. T. Act, 1961<\/p>\n<p>. No Limit \u2013 Full amount \u00b7 <strong><u>Loan taken on or after 1<\/u><\/strong><strong><u>st<\/u><\/strong><strong><u>&nbsp;<\/u><\/strong><strong><u>April, 1999:<\/u><\/strong><\/p>\n<p>of interest deductible<\/p>\n<ul>\n<li>LoanPurpose&nbsp;\u2013&nbsp;For&nbsp;the&nbsp;Purpose of Loan \u2013 For the purchase or a construction purchase or a construction, Maximum Limit \u2013 rupees <strong>2.0 Lakhs<\/strong><\/li>\n<\/ul>\n<p>a repair or a renewal<\/p>\n<p>Required condition \u2013 Construction must be completed <strong>within 5 years<\/strong>; and<\/p>\n<p><\/p>\n<p><strong>Certificate from <\/strong>the lender signifying required details as per the I. T. Act, 1961<\/p>\n<p><\/p>\n<p><strong>Important to note that, <\/strong>if the loan is taken for the repairs etc., or for the purchase or a construction of house-property, it must be <strong>completed within <\/strong>the period of <strong>5 years<\/strong>, <strong>otherwise <\/strong>the <strong>maximum deduction <\/strong>will be allowed only <strong>up to the extent of Rs. 30,000 only <\/strong>and <strong>not <\/strong>Rs. 2.0 Lakhs.<\/p>\n<p><\/p>\n<p><\/p>\n<p><\/p>\n<h1><span class=\"ez-toc-section\" id=\"2_Section_80EE_Interest_on_borrowingLoan_for_Residential_House_Property_to_First-Time_BuyerPurchaser\"><\/span>2.&nbsp;&nbsp;&nbsp; Section 80EE: (Interest on borrowing\/Loan for Residential House Property to First-Time Buyer\/Purchaser):<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<h2><span class=\"ez-toc-section\" id=\"A_Eligibility_and_requisite_conditions_us_80EE\"><\/span>A.&nbsp; Eligibility and requisite conditions u\/s 80EE:<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>&nbsp;<\/strong><\/p>\n<p>This deduction is available to an individual taxpayer, for interest on borrowing\/loan borrowed\/taken from any financial-institution, such as, banks or a housing finance company, etc., for the <strong>first-time purchasing\/buying a residential house property<\/strong>.<\/p>\n<p>On the date of <strong>sanction\/approval of the loan<\/strong>, a buyer or a purchaser must <strong>not owning any other residential house-property<\/strong>, as this deduction is exclusively available for the <strong>first-time buyer <\/strong>of the residential house property.<\/p>\n<p>The borrowing\/loan must have been <strong>sanctioned\/approved <\/strong>by the financial institution between the period <strong>beginning\/starting from 1<\/strong><strong>st <\/strong><strong>of April, 2016 up to 31<\/strong><strong>st <\/strong><strong>March, 2017<\/strong>. Important to understand that, this date and period is of the sanction of loan, <strong>not <\/strong>the date of an application for the loan.<\/p>\n<p>The amount of loan sanctioned\/approved from the financial institution for the purpose of the <strong>buying\/purchasing\/acquisition <\/strong>of the such residential house property must be <strong>not exceeding rupees 35 Lakhs<\/strong>.<\/p>\n<p><\/p>\n<p>The value of the such residential house-property must be <strong>not exceeding rupees 50 Lakhs<\/strong>. The benefit\/advantage of the deduction will be allowed <strong>up to the repayment of loan.<\/strong><\/p>\n<p>Importantly, if the benefit of this interest deduction allowed under this section, then in respect of such interest, deduction will <strong>not <\/strong>be allowed under any other section of the I. T. Act, 1961, in the same or any other succeeding assessment years, as the same benefit cannot be availed by the taxpayers twice or manifold.<\/p>\n<p><\/p>\n<h2><span class=\"ez-toc-section\" id=\"B_Quantum_of_Deduction_us_80EE\"><\/span>B.&nbsp;&nbsp; Quantum of Deduction u\/s 80EE:<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>&nbsp;<\/strong><\/p>\n<p>Deduction under this section is allowable <strong>least <\/strong>of the following <strong>beginning on 01-04-2017 and subsequent assessment years:<\/strong><\/p>\n<p><strong>&nbsp;<\/strong><\/p>\n<ol>\n<li>Amount of interest payable\/paid in actual for the previous year,<\/li>\n<\/ol>\n<p>Or,<\/p>\n<p><\/p>\n<ol>\n<li>Maximum of <strong> 50,000<\/strong>.<\/li>\n<\/ol>\n<p><strong>Situation \u2013 I<\/strong>, Suppose, an actual amount of interest payable\/paid is Rs. 45,000, then full amount of Rs. 45,000 will be allowed as deduction.<\/p>\n<p><\/p>\n<p><strong>Situation \u2013 II, <\/strong>Suppose, an actual amount of interest paid\/payable is Rs. 50,000, then full amount of Rs. 50,000 will be allowed as deduction.<\/p>\n<p><\/p>\n<p><strong>Situation \u2013 III<\/strong>, Suppose, an actual amount of interest paid\/payable is Rs. 55,000, then it will be restricted to the maximum of Rs. 50,000 only.<\/p>\n<p><\/p>\n<p><strong>Hence, the amount of deduction under this section will be less than or equal to Rs. 50,000 only, but it cannot be more than Rs. 50,000.<\/strong><\/p>\n<p><strong>&nbsp;<\/strong><\/p>\n<h1><span class=\"ez-toc-section\" id=\"3_Section_80EEA_Interest_on_Loan_acquiredtaken_for_Affordable_Residential_House_Property_in_case_of_First-Time_Home_Buyers\"><\/span>3.&nbsp;&nbsp;&nbsp;&nbsp; Section 80EEA: (Interest on Loan acquired\/taken for Affordable Residential House Property in case of First-Time Home Buyers):<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<h2><span class=\"ez-toc-section\" id=\"A_Eligibility_and_requisite_conditions_us_80EEA\"><\/span>A.&nbsp; Eligibility and requisite conditions u\/s 80EEA:<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>&nbsp;<\/strong><\/p>\n<p>This deduction is available to the individual taxpayers, for interest on loan taken\/acquired for purchasing\/acquiring an <strong>affordable residential house-property for first time.<\/strong><\/p>\n<p>On the date of <strong>sanction\/approval of borrowing\/loan<\/strong>, an assessee must <strong>be not owning any other residential house-property<\/strong>, as this deduction is exclusively available for the <strong>first-time buyer <\/strong>of an <strong>affordable residential house-property.<\/strong><\/p>\n<p>The loan must have been <strong>sanctioned\/approved <\/strong>by the financial institution <strong>between the period starting from 1<\/strong><strong>st <\/strong><strong>of April, 2019 up to 31<\/strong><strong>st <\/strong><strong>March, 2022<\/strong>. Important to understand that, this is the date and period is of the sanction of loan, <strong>not <\/strong>the date of an application for the loan.<\/p>\n<p>The taxpayer is <strong>not eligible for claiming deduction u\/s 80EE<\/strong>.<\/p>\n<p>The <strong>value of the stamp duty <\/strong>of the house property, must be <strong>not exceeding rupees 45.0 Lakhs. <\/strong>Importantly, if the benefit of this interest deduction allowed under this section, then in respect of such interest, deduction will <strong>not <\/strong>be allowed under any other section of the I.T. Act, 1961, in the same or any other succeeding assessment years, as the same benefit cannot be availed by the taxpayers twice or<\/p>\n<p><\/p>\n<p>manifoldly.<\/p>\n<p><\/p>\n<h2><span class=\"ez-toc-section\" id=\"B_Quantum_of_Deduction_us_80EEA\"><\/span>B.&nbsp;&nbsp; Quantum of Deduction u\/s 80EEA:<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>&nbsp;<\/strong><\/p>\n<p>Deduction under this section is allowable <strong>least <\/strong>of the following, <strong>beginning on 01-04-2020 and subsequent assessment years:<\/strong><\/p>\n<p><strong>&nbsp;<\/strong><\/p>\n<ol>\n<li><strong>Actual amount <\/strong>of interest payable on the amount of loan taken,<\/li>\n<\/ol>\n<p>Or,<\/p>\n<p><\/p>\n<ol>\n<li>Maximum of <strong> 1,50,000<\/strong>,<\/li>\n<\/ol>\n<p><strong>Situation \u2013 I<\/strong>, Suppose, the actual amount of interest payable is Rs. 1,49,000, then full amount of Rs. 1,49,000 will be allowed as deduction.<\/p>\n<p><\/p>\n<p><strong>Situation \u2013 II, <\/strong>Suppose, the actual amount of interest payable is Rs. 1,50,000, then full amount of Rs. 1,50,000 will be allowed as deduction.<\/p>\n<p><\/p>\n<p><strong>Situation \u2013 III<\/strong>, Suppose, the actual amount of interest payable is Rs. 1,51,000, then it will be restricted to the maximum of Rs. 1,50,000 only.<\/p>\n<p><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Hence_the_amount_of_deduction_under_this_section_will_be_less_than_or_equal_to_Rs_150000_only_but_it_cannot_be_more_than_Rs_150000\"><\/span>Hence, the amount of deduction under this section will be less than or equal to Rs. 1,50,000 only, but it cannot be more than Rs. 1,50,000.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>&nbsp;<\/strong><\/p>\n<p><strong>Conclusion<\/strong>: Navigating the deductions under Sections 24b, 80EE, and 80EEA offers taxpayers significant opportunities to optimize their tax liabilities. It\u2019s essential to understand the eligibility criteria, conditions, and limitations of each section. Seeking professional advice can further enhance the effectiveness of utilizing these tax benefits, ensuring compliance with the Income Tax Act, 1961, and maximizing savings while adhering to legal requirements.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/li>\n<\/ul>\n<\/figure>\n<\/div>\n<p><!-- \/wp:paragraph --><!-- wp:post-date \/--><!-- wp:post-author \/--><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>TAX BENEFITS: DEDUCTIONS UNDER SECTION 24B, 80EE &amp; 80EEA Deductions under section 24b, Section 80EE and Section 80EEA: In respect of the Interest on Borrowed Capital\/Housing-Loan under the Income Tax Act, 1961 &nbsp; This article aims to provide a comprehensive understanding of the deductions available under Sections 24b, 80EE, and 80EEA of the Income Tax [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5764,"comment_status":"closed","ping_status":"open","sticky":false,"template":"elementor_theme","format":"standard","meta":{"_joinchat":[]},"categories":[416],"tags":[455,420,535,536,537],"blocksy_meta":"","yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>TAX BENEFITS: DEDUCTIONS UNDER SECTION 24B, 80EE &amp; 80EEA | simplemyfiling<\/title>\n<meta name=\"description\" content=\"Discover tax benefits through deductions under Section 24B, 80EE, and 80EEA. 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