Yes. provided you satisfied conditions. 1. loan sanctioned during PY 2016-17 2.Value of loan does not exceed 35 lakhs. 3. value of residential house property does not exceed 50 lakhs. 4.assesse should not own house property on date of sanction of loan
This was a new proposal which had been made in Budget 2016-17. The same will be continued in FY 2017-18 / AY 2018-19 too. First time Home Buyers can claim an additional Tax deduction of up to Rs 50,000 on home loan interest payments u/s 80EE. The below criteria has to be met for claiming tax deduction under section 80EE.
The home loan should have been sanctioned during / after FY 2016-17.
Loan amount should be less than Rs 35 Lakh.The value of the house should not be more than Rs 50 Lakh &The home buyer should not have any other existing residential house in his name.
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