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of <h1>Section 80EE Deduction: Tax Break on Home Loan Interest for First-Time Buyers with Conditions</h1> Section 80EE of the Income Tax Act provides a deduction for individual taxpayers on interest paid on loans for acquiring residential house property. The deduction is capped at 50,000 and is subject to conditions: the loan must be sanctioned between April 1, 2016, and March 31, 2017, not exceed 35 lakh, and the property's value must not exceed 50 lakh. The taxpayer must not own any other residential property at the loan's sanction date. This deduction is separate from those under Sections 80C and 24. Both joint owners can claim the deduction, and it applies even if the taxpayer resides in a rented property.
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