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of <h1>Finance Bill 2016: Section 80EE offers annual tax deduction for home loan interest, up to 50,000, starting April 2017.</h1> Clause 37 of the Finance Bill, 2016 proposes to replace section 80EE of the Income-tax Act, offering a deduction for interest on loans taken for acquiring residential property. Effective from April 1, 2017, individuals can deduct up to fifty thousand rupees annually, provided the loan is sanctioned between April 1, 2016, and March 31, 2017. The loan should not exceed thirty-five lakh rupees, and the property's value should not exceed fifty lakh rupees. The deduction is exclusive and cannot be claimed under any other provision. The individual must not own any residential property at the loan's sanction date.
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