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This tax benefit was available for only two years fy 2013 14 and fy 2014 15.
Section 80ee income tax. Features of the 80ee deduction. Section 80ee of the income tax act 1961 provides tax deduction benefit on the interest paid on home loan taken by a first time home buyer. At that time the maximum deduction that could be claimed was rs.
The available tax deduction limit under section 80ee is over and above of what has been provided under section 80c and section 24 of the income tax act 1961. You can claim a deduction of up to rs. Section 80ee offers rebates on income tax on a per person basis and not on a per property basis.
The amount can be claimed over and beyond the deduction of section 24 which is rs. 50 000 per financial year as per this section. The maximum deduction that can be claimed under this section is rs.
This means joint owners who are also the co borrowers can individually claim rs 50 000 as deductions from their respective incomes. Section 80ee allows income tax benefits on the interest portion of the residential house property loan availed from any financial institution. Such a buyer can claim tax deduction upto rs 50 000 under section 80ee.
Tax deduction under section 80ee of the income tax act 1961 can be claimed by first time home buyers for the amount they pay as interest on home loan. The maximum amount of deduction available under this section is. You can continue to claim this deduction until you have fully repaid the loan.
Section 80ee was designed for the first time in the fy 2013 14 for individual taxpayers to avail tax deduction on interest on home loans. Tax benefits of section 80ee. 50 000 during a financial year.
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