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of <h1>Taxpayers can claim up to 50,000 deduction on home loan interest if conditions met under Section 80EE.</h1> An individual taxpayer can claim a deduction for interest paid on a loan taken from a financial institution for acquiring a residential house. The deduction is capped at fifty thousand rupees annually and applies from the tax year starting April 1, 2016, onwards. Conditions include the loan being sanctioned between April 1, 2016, and March 31, 2017, with the loan amount not exceeding thirty-five lakh rupees, and the property value not exceeding fifty lakh rupees. The taxpayer must not own any residential property at the loan sanction date. This deduction cannot be claimed under any other provision for the same interest.
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