Section 80EE - Q & A Forum

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Srujan.Kumar asked 9 years ago

Dear Srikanth, Please find the below details: Loan amount : 31 lac Home cost : 38 Laks Loan approved date : 22 August 2017 Loan Taken from India Infoline housing finance (IIFL) Am I eligible for Income Tax Deduction for Interest on Home Loan under Section 80EE (50K)??

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Sreekanth Staff answered 9 years ago

Hi, Yes, you can claim the tax benefit. Section 80EE This was a new proposal which had been made in Budget 2016-17. The same will be continued in FY 2017-18 / AY 2018-19 too. First time Home Buyers can claim an additional Tax deduction of up to Rs 50,000 on home loan interest payments u/s 80EE. The below criteria has to be met for claiming tax deduction under section 80EE.

The home loan should have been sanctioned during / after FY 2016-17.
Loan amount should be less than Rs 35 Lakh.
The value of the house should not be more than Rs 50 Lakh &
The home buyer should not have any other existing residential house in his name.

Kindly read : https://www.relakhs.com/income-tax-exemptions-fy-2017-18-list/ https://www.relakhs.com/understanding-tax-implications-of-income-from-house-property/ https://www.relakhs.com/under-construction-house-how-to-claim-tax-deduction-on-home-loan-interest-payments/