[Section 80E] Repayment of loan for Higher Education
Applicable to an Individual.
Following are the conditions, that must be fulfilled:
(a) Loan must have been taken for purpose of pursuing 'his/her or his/her relatives' higher education,
(b) Loan have been taken from any financial institution or approved charitable institution.
Period of deduction: Deduction is allowed from the year in which assessee start paying interest on loan and upto 7 assessment years immediately succeeding initial assessment year or until interest is paid in full by assessee, whichever is earlier.
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[Section 80EE] Interest on loan borrowed for acquisition of House Property
An individual who has taken loan for acquisition of residential house property from any financial institution shall be eligible for deduction.
Interest payable on such loan would qualify for deduction.
Following conditions must be fulfilled:
(a) Value of house property should not be more than 50 lakhs,
(b) Amount of loan sanctioned should not be more than 35 lakhs,
(c) Loan should be sanctioned during previous year 2016-17,
(d) Assessee should not own any residential house on date of sanction of loan.
Period of benefit shall available till repayment of loan continue
Minimum of the following shall be allowed as deduction:
(a) Interest on loan payable for previous year,
OR
(b) Rs. 50,000
Note : Deduction upto Rs. 50,000 under section 80EE is over and above deduction upto Rs. 2,00,000 available under section 24 for interest paid in respect of loan borrowed fro acquisition of self acquired property.
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[Section 80EEA] Interest on loan for certain House Property (Amended)
Applicable to Individual not eligible for deduction under section 80EE.
Following conditions need to be satisfied:
(a) Loan should be for acquisition of residential house property,
(b) Loan has been sanctioned during 01-04-2019 to 31-03-2021,
(c) Stamp Duty Value of house property not exceeds Rs. 45 lakhs,
(d) Assessee not own any other house property on date of sanction of loan,
(e) Assessee not eligible for deduction under section 80EE.
Minimum of the following shall be allowed as deduction:
(a) Interest on loan OR (b) Rs. 1,50,000
Note: Deduction upto Rs. 1,50,000 under section 80EE is over and above deduction upto Rs. 2,00,000 available under section 24 for interest paid in respect of loan borrowed fro acquisition of self acquired property.
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[Section 80EEB] Purchase of Motor Vehicle
Applicable to Individual (Resident/Non-Resident),
Assessee has taken loan for purchase of an electric vehicle,
Electric Vehicle, which is powered by electric motor whose traction energy supplied by traction battery installed in the vehicle.
Loan has been sanctioned during 01-04-2019 and 31-03-2023.
Minimum of the following shall be allowed as deduction:
(a) Interest on loan OR (b) Rs. 1,50,000
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