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Deduction U/s 80EE

Posted @ June 21, 2013, 4:01 am under (Payroll Outsourcing & Taxation)

Tax benefit on Home Loan (Interest Amount)

Tax Benefit on Home Loan for payment of Interest on Home Loan can be claimed as Deduction under Section 24 as well as under the newly inserted section 80EE (Inserted in the Budget 2013, to be applicable from 1st April 2013)

Section 80EE: Income Tax Benefit on Interest on Home Loan (First Time Buyers)


Deduction U/s 80EE inserted in the Income Tax Act which provides additional tax deduction of Rs. 1,00,000 to first time home buyers provided that:-


1. The Loan is sanctioned between 1st April 2013 and 31st March 2014
2. The Amount of Loan sanctioned for the acquisition of Residential House Property does not exceed Rs.25,00,000
3. The Value of the Residential House Property does not exceed Rs. 40,00,000
4. The Assessee does not own any House Property on the date of sanction of Loan


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