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TMI BlogBudget Proposals - Income from House Property.X X X X Extracts X X X X X X X X Extracts X X X X ..... Budget Proposals - Income from House Property. - By: - CS Swati Dodhi - Income Tax - Dated:- 4-3-2013 - - Deduction in respect of interest on loan sanctioned during financial year 2013-14 for acquiring residential house property New section 80EE - Presently, for the purpose of computing Income from House Property a deduction can be claimed up to a limit of Rs. 1,50,000 in respect of inter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... est payable on borrowed capital. As an additional benefit for first-home buyers it is proposed to be providing deduction in respect of interest on loan taken for residential house property. The proposed new section 80EE seeks to provide that in computing the total income of an assessee, being an individual, there shall be deduction of interest payable on loan taken by him from any financial ins ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... titution for the purpose of acquisition of a residential house property. Also that such deduction shall not exceed Rs. 1,00,000 on and shall be allowed in computing the total income of the individual for the assessment year beginning on April 1, 2014 and in a case where the interest payable for the previous year relevant to the said assessment year is less than Rs. 1,00,000, the balance amount s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hall be allowed in the assessment year beginning on April 1, 2015. This deduction shall be subject to the following conditions 1. The loan is sanctioned by the financial institution during the period beginning on April 1, 2013 and ending on March 31, 2014; 2. The amount of loan sanctioned for acquisition of the residential house property does not exceed Rs. 25,00,000 3. The value of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... residential house property does not exceed Rs. 40,00,000 4. The assessee does not own any residential house property on the date of sanction of the loan. It is also proposed to define the term financial institution . This amendment will take effect from April 01, 2014 and accordingly apply in relation to the assessment year 2014-15 and subsequent assessment year. - - Scholarly articles f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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