Finance Platform for a Billion Indians
Sign up with Email

Already have an account? Login

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:

  • Approved Institutions

    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.

  • Sanction Date

    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.

interest on home loan