Query on tax rebate on house loan interest

I have taken house loan from a nationalised Bank for a total amount of Rs.24 lakhs in year 2011 for 12 years period. The house is a joint property - my wife and me. My wife is not an employee and so does not file returns and so never claimed tax rebate. I am a salaried employee. Since year 2011, I am claiming income tax rebate upto Rs. 150,000 on interest paid although the interest that I paid was is more than Rs.150,000. However, I came to know very recently that since loan amount is Rs.24 lakhs, I can claim rebate on interest paid upto Rs.250,000.

Please inform:

1. Whether what I heard is correct?

2. If yes, how can I claim upto this limit for previous years starting from FY 2011-12?

3. Or is this only for FY 2013-14?

As per the new section 80EE there are additional deductions to Individuals taking housing loan during the FY 13-14 (AY 14-15).

To claim the benefits of section 80EE an Individual (resident or non-resident) has to satisfy the below mentioned conditions:

1. The loan is taken for acquisition of residential house property.

2. The loan has to be sanctioned by a financial institution between April 1, 2013 and March 31, 2014.

3. The value of the residential house property does not exceed Rs. 40 lakh.

4. The loan sanctioned for residential house does not exceed Rs. 25 lakh.

5. The assessee does not own any residential property at the time of sanction of loan.

Deduction is available under section 80EE of Rs 1 lakh or the interest amount payable, whichever is less. If the interest payable is less than Rs. 1 lakh during FY 13-14, then the balance shall be allowed as deduction in the next financial year. This is in addition to interest u/s 24(b) of Rs 150000/- which you are claimimg right now.

In my view, you are not eligible to claim additional Rs 1L deduction u/s 80EE as the above conditions are not satisfied.