Deduction for Interest on Housing Loan [Section 80EE]
- Section 80EEallows deduction to an individual in respect of interest payable on housing loan for the acquisition of residential property, subject to specified conditions.
- Deduction is allowed up to Rs. 50,000 per financial year for interest paid or payable.
- Conditions for eligibility:
Loan sanctioned between 01-04-2016 and 31-03-2017.
Loan amount must not exceed Rs. 35 lakh.
Stamp duty value of the residential property should not exceed Rs. 50 lakh.
Assessee must not own any residential house property on the date of sanction of the loan.
Loan must be taken from a bank, banking company, housing finance company, or similar institution.