Section 80EE Deduction
Section 80EE Deduction is allowed from gross total income of the taxpayer for any amount paid a interest on loan taken for the purpose of acquisition of a residential property. The maximum deduction under Section 80EE is Rs.50,000. Also, the deduction would be allowed in computing the total income of the individual from the assessment year beginning on the 1 April, 2017 (PY 2016-17) and subsequent assessment years.Calculate 80EE Deduction
Deduction for interest on home loan
Sectin 80EE deduction is allowed subject to fulfilment of the following conditions:
Loan was taken from a banking company including regional rural banks or a housing finance company for the purpose of acquisition of a residential property.
The loan has been sanctioned by the financial institution during the period beginning on 1 April, 2016 and ending on 31 March, 2017.
Amount of Loan
The amount of loan sanctioned for acquisition of the residential house property does not exceed thirty-five lakh rupees.
Value of Property
The value of residential house property does not exceed fifty lakh rupees.
First time Home Owner
The assessee does not own any residential house property on the date of sanction of loan.
Deduction not claimed under other section
Where a deduction under this section is allowed for any interest, deduction shall not be allowed in respect of such interest under any other provision of this Act for the same or any other assessment year.