Deductions

The deduction allowed under this section is for interest paid on home loan up to maximum Rs 50,000 per financial year. You can claim this deduction until you have fully repaid the loan.This deduction is over and above the Rs 2 lakhs limit under section 24 of the income tax act. For claimimg benerfit U/S 80EE one should satisfy following condition: 1. To claim this deduction loan must have been taken from a financial institution for purchasing your first residential house property. 2. Value of this house is Rs 50 lakhs or less 3. Loan taken for this house is Rs 35 lakhs or less 4. Loan has been sanctioned by a Financial Institution or a Housing Finance Company 5. Loan has been sanctioned between 01.04.2016 to 31.03.2017 6. As on the date of sanction of loan no other house is owned by you If you are able to satisfy conditions of both Section 24 and Section 80EE, both the benefits shall apply to you. First exhaust your limit under section 24 and then go on to claim the additional benefit under section 80EE

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