80EE Deduction in respect of interest on housing loan
- Eligible Assessee: This section applicable to only individuals.
- Under this section amount of deduction is maximum 50,000.
Conditions
- Home loan should be taken from bank or financial institution for acquisition of residential property.
- Cost of the the house must be up to 50,00,000.
- Loan should be sanction between 01/04/2016 to 31/03/2017.
- Loan amount should be up to 35,00,000.
- Assessee doesn’t own any residential house on the date of sanction of loan.
- First deduction should be claimed u/s 24(b) of house property ( up to 2,00,000) and remaining interest deduction u/s 80EE.
- Loans for commercial properties are not available for tax benefits.
- Under 80EE, deductions for only the interest amount are available.
