SPECIAL HOUSING LOAN INTEREST DEDUCTION OTHER THAN SECTION 24 OF INCOME TAX ACT,1961

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Here in this Blog,
we will discuss about Housing Loan Interest Deduction
Over and above the Rs. 2 Lacs deduction Under Section 24 of Income Tax act,1961 AND Rs. 1.50 Lacs Under Section 80C (For Principle Amount of Loan)

I.E. SECTION 80EE-DEDUCTION OF INTEREST ON HOME LOAN

Conditions for Claiming Deduction:

1. Value of Property<(Less Than) Rs. 50 Lacs
2. Value of Loan < Rs. 35 Lacs
3. Available to first time buyer: Means one who takes the loan for the house, that house shud                be his first house or doesn't own any other house.

4. Deduction: From FY 2016-17 onwards- Maximum deduction is Rs. 50,000 per Year till the            repayment of whole loan. (As amended by Finance Act, 2017)

5. This Deduction is available only for ACQUISITION OF RESIDENTIAL HOUSE                            PROPERTY NOT FOR CONSTRUCTION. 



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