Deduction for interest on home loan available subject to specified eligibility conditions and an exclusive-claim restriction for individuals. Section 80EE allows an individual to deduct interest payable on a loan from a financial institution or housing finance company taken for acquiring a ... Summary
Deduction for interest on home loan available subject to specified eligibility conditions and an exclusive-claim restriction for individuals.
Section 80EE allows an individual to deduct interest payable on a loan from a financial institution or housing finance company taken for acquiring a residential house property, subject to conditions: loan sanctioned within the statutory sanction period, loan amount and property value not exceeding prescribed caps, and the borrower not owning any residential house property on the loan sanction date; the deduction is capped and, if allowed under this section, cannot be claimed under any other provision for the same or other assessment years.
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