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/-
About myITreturn.com
myITreturn.com is India's leading Tax and Compliance solutions provider. Our
solutions are used by over 3 million users and by ET & Fortune 500 companies.
Learn more about our products and services at the links given below:
Comments
0 comments
Please sign in to leave a comment.