Deduction in respect of interest on loan taken for residential house property - (New) Section 130 / (old) Section 80EE

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....¢ Eligible Person • Only an individual can claim the deduction. • HUFs, firms, LLPs, companies, trusts, and other taxpayers are not eligible. • Nature of Expenditure • The deduction is available only for interest payable. • Repayment of the principal amount of the loan is not covered. • Purpose of Loan • Th....

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....ial purposes. Quantum of Deduction [ Section 130(2) ] The deduction is restricted to Rs.50,000 and is available while computing the total income for the tax year beginning on 1 April 2016 and subsequent tax years. Conditions for Claiming Deduction [ Section 130(3) ] • The loan must have been sanctioned between 1 April 2016 and 31 March 2017. • The sanct....

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....titution for the purpose of acquisition of a residential house property. • The deduction shall not exceed Rs. 50,000  • The deduction shall be subject to following conditions: • i. The loan has been sanctioned by the financial institution during the period beginning on the 1.4.2016 and ending on the 31.3.2017 • ii. The loan sanctioned f....