A New Tax Saving option in FY 2013-14...

A new tax saving option…Section 80EE

After 13 days break, I have come back to my routine Mumbai life. I was travelling in these days. Due to travelling there had some disconnect to our readers. During my journey, I have observed most of people are rushing for tax saving and talking about various tax saving options like section 80C, section 80D etc. Today, I am going to talk about very little known section 80EE.

you have purchased new house in the financial year 2013-14 then you can save more tax. As per existing rule you can avail tax benefit up to Rs 1.5 lakh interest paid on your home loan under section 24. In the FY 2013-14 during budget speech, the finance minister has announce the new tax saving option section 80EE for new home buyer in 2013-14. New home buyer will be entitled to a tax deduction of up to Rs 1 lakh on interest paid on home loan under section 80EE. It will be additional benefit apart from section 24.

There are some conditions for availing this deduction:

·         Home loan should be taken in 2013-14.

·         It is for the first time home buyer.

·         The maximum cap of loan amount is Rs 25 lakh.

·         Property value should not be more than Rs 40 lakh.

·         If your interest amount is less than Rs 1 lakh then you can claim remaining amount in next financial year.

For more detail and any other query related investment, you can contact me through my email.

Warm regards,

Arvind Trivedi

Certified Financial Planner

arvind.trivedi79@gmail.com

www.artofinvest.com

www.arvindtrivedicfp.blogspot.in