To claim tax rebate of 50000 under section 80EE, the loan should be taken in 2016-17 financial year.
So, is there any way I can claim under section 80EE?
2) Since your home loan was sanctioned in 2013, you would not be eligible for the additional deduction for home loan interest u/s 80EE as applicable for FY 2016-17.
3) For the completeness sake, I must add that Sec 80EE was originally introduced in the 2013 Budget (i.e. Finance Act, 2013). The original section provided for additional deduction up to Rs 1 lakh for home loan availed in FY 2013-14. Applying old section to your facts, in my view, you were eligible for the additional interest deduction in FY2013-14 or FY 2014-15 (in specified situations). This view is possible since the condition about the possession of the house is absent in Sec 80EE, unlike for claiming Rs2 lakh regular interest deduction u/s 24). However, the time limits for revising FY 2013-14
and FY 2014-15 return have expired. Unfortunately, you will not be eligible to the deduction u/s 80EE.
4) You would, however, be entitled to the regular deduction u/s 24 for the home-loan interest on the self-occupied house upto Rs2 lakh for FY 2016-17.
Ameet Patel Ameet N Patel is a chartered accountant and former President of Bombay Chartered Accountants Society - BCAS
Subodh V Shah CA Subodh V Shah is a Fellow Member of the ICAI. A merit ranker throughout his career, he stood 3rd in CA Intermediate and 17th in CA Final. In addition he also got the prize of ICAI for scoring the highest marks in Direct Taxes at CA Final. He is practicing Chartered Accountant as well as a teacher for over 20 years.
Ameya Kunte Ameya Kunte is a Tax Professional, Chartered Accountant & Co-founder - Taxsutra.com
Nikhil Vadia CISA qualified Nikhil Vadia is a Chartered Accountant in practice since 1997
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