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of <h1>Section 80EE: Deduct up to Rs.50,000 interest on first-time home loan meeting specified limits and sanction dates</h1> An individual may deduct interest up to Rs.50,000 on a loan from a financial institution for acquiring a residential property, subject to loans sanctioned between 1-Apr-2016 and 31-Mar-2017, loan amount not exceeding Rs.35 lakh, property value not exceeding Rs.50 lakh, and the individual not owning any residential property when the loan was sanctioned. The deduction applies in computing total income for assessment years beginning 1-Apr-2017 onward and cannot be claimed under any other provision for the same interest. 'Financial institution' and 'housing finance company' are defined for eligibility.
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