What is 80EE Deduction?

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Section 80EE allows for a deduction to individual assesses for interest on loan borrowed for acquisition of self-occupied house property.

Eligible Assessee	Individual
Conditions	Assessee has taken loan for his 1st house. I.e. He does not own any house when housing loan is sanctioned. Loan is sanctioned in FY 2016-17. The value of House does not exceed Rs. 50,00,000/- The sanctioned Loan amount does not exceed Rs. 35,00,000/- If deduction of housing loan interest is taken under this section than the same cannot be claimed under any other section.
Amount of Deduction	Interest paid on Housing Loan upto Rs. 50,000/-