Sec 80E, Sec 80EE, Sec 80EEA | Deductions under Sec 80 |Deductions Under Chapter VI A | Interest |

Описание: In this video we will discuss following topics:
Deduction under Chapter VI – A
 Sec 80E: - Interest on Education Loan
 Sec 80EE: - Interest on Housing Loan
 Sec 80EEA: - Interest on Self Occupied Property
1) Sec 80E: - Interest on Education Loan
1. Who Can Claim Deduction ?
a) An Individual can claim deduction. It is not available to HUF or any other kind of taxpayers
2. Condition for Claiming Deduction
a) The loan should be taken for the higher education of self, spouse or children or for a student for whom the individual is legal gradian
b) The loan should be taken from any Bank/Financial Institution or any approved Charitable Institution (Loan taken from friends or relatives don’t qualify for this deduction)
3. Amount of Deduction
a) Any Amount of interest paid (100% no maximum Limit) but no tax benefit is allowed for the principal repayment
b) Deduction is available from the year from which assessee start paying interest and 7 Immediately succeeding Assessment Year.

2) Sec 80EE: - Interest on Housing Loan
1) Who Can Claim Deduction ?
c) An only Individual Assessee can claim deduction
2) Condition for Claiming Deduction
d) Loan should be taken from Bank//Financial Institution
e) Value of the house should be Rs 50 lakhs or less
f) The loan must be sanctioned between 01.04.2016 to 31.03.2017
g) Loan amount should be up to Rs. 35 Lakhs
h) Assessee does not own any Residential House on the date of sanction of loan
3) Amount of Deduction
a. The deduction is (up to Rs. 50,000) is over and above the Rs 2 lakh limit under section 24 of the income tax act
b. If you are able to 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, which is Rs. 2 lakh. Then go on to claim the additional benefits under section 80EE. Therefore, this deduction is in addition to the Rs 2 lakh limit allowed under section 24.
3) Sec 80EEA: - Interest on Self Occupied Property
1. Who Can Claim Deduction ?
a) Deduction under this section is available only to individual
2. Condition for Claiming Deduction
a) Housing loan must be taken from a financial institution or a housing finance company for buying a residential house property
b) Stamp duty value of the house property should be Rs 45 lakhs or less.
c) The taxpayer should be a first-time home buyer. The taxpayer should not own any residential house property as on the date of sanction of the loan
d) Loan should be sanctioned between 01/04/2019 to 31/03/2020
3. Amount of Deduction
a) Additional Benefit up to Rs. 1,50,000/- apart from available in Sec. 24(b)
b) Benefit will be available till the date of Repayments

Content By : CA Jaydeep Patel & Ajay Patoliya
🎤Voice over : Swetha Modani
📽Video editing : Ajay Patoliya
🖲Channel owner : CA Jaydeep Patel & Ajay Patoliya


DISCLAIMER


This video is merely a general guide meant for learning purposes only. All the content, reference, instruction or documents or soft files are for educational purposes only and do not constitute a legal advice. We do not accept any liabilities whatsoever for any losses caused directly or indirectly by the use/reliance of any information contained in this video or for any conclusion of the information. Prior to acting upon this video, you're suggested to seek the advice of your financial, legal, tax or professional advisors, tax consultant as to the risks involved may be obtained and necessary due diligence, etc.

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