Income-tax Act, 1961
Section - 80EE - Deduction in respect of interest on loan taken for residential house property
Deduction in respect of interest on loan taken for residential house property. 80EE. (1) In computing the total income of an assessee, being an individual, there shall be deducted, in accordance with and subject to the provisions of this section, interest payable on loan taken by him from any financial institution for the purpose of acquisition of a residential property.(2) The deduction under sub-section (1) shall not exceed fifty thousand rupees and shall be allowed in computing the total income of the individual for the assessment year beginning on the 1st day of April, 2017 and subsequent assessment years.(3) The deduction under sub-section (1) shall be subject to the following conditions, namely:-
| (i) | - | the loan has been sanctioned by the financial institution during the period beginning on the 1st day of April, 2016 and ending on the 31st day of March, 2017; |
| (ii) | - | the amount of loan sanctioned for acquisition of the residential house property does not exceed thirty-five lakh rupees; |
| (iii) | - | the value of residential house property does not exceed fifty .... To read the full section download the app from Google Play store
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