Sec 80ee

Section 80EE is re-introduced in 2016 Budget.

Section 80EE which provides for additional Deduction of Rs. 50,000 for Interest on Home Loan. This incentive would be over and above the tax deduction of Rs. 2,00,000 under Section 24 and Rs. 1,50,000 under Section 80C.

This Deduction of Section 80EE would be applicable only in the following cases:-

• This deduction would be allowed only if the value of the property purchased is less than Rs. 50 Lakhs and the value of loan taken is less than Rs. 35 Lakhs.
• The loan should be sanctioned between 1st April 2016 and 31st March 2017.
• The benefit of this deduction would be available till the time the repayment of the loan continues.
• This Deduction would be available from Financial Year 2016-17 onwards