Deduction for residential house Property section 80EE

According to Income Tax Act 1961 If an individual buy a house and he/she satisfy certain condition to claim deduction under section 80 EE.

1. The loan does not exceed Rs. 35,000,00

2.The loan amount has been sanctioned by the financial during the period beginning on 1.42016 and ending on              31.3.2017

3.The value of such residential house does not exceed Rs.50,00,000

4. The assessee does not own any house property on the date of loan sanction.

5.Where a deduction under this section is allowed for any interest deduction shall not be allowed in respect of such interest under any other section under Income Tax Act 1961.

Quantum of Deduction

The maximum Amount of deduction is Rs.50,000 in respect of interest.

Deduction shall be allowed   for the assessment beginning  from 14.2017 and subsequent assessment year