Additional Deduction on Home Loan under section 80EE of Income Tax Act
Few conditions are required to be satisfied for this section to be applicable.
- The value of residential house does not exceed Rs. 40 Lakhs.
- The loan is sanctioned between the FY 1/4/2013-31/3/2014.
- The loan sanctioned does not exceed Rs. 25 Lakh.
- The assessee is a first time home buyer
- The assessee does not own any other residential house as on the date of sanction of the loan. In other words, this house is supposed to be his self occupied property.
One Time Deduction :
will be able to claim benefit under this new section 80EE.