Section 80EE - Deduction on Home Loan Interest
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 the home loan. The maximum
deduction that can be claimed under this section is Rs. 50,000 during a
financial year. The amount can be claimed over and beyond the deduction
of Section 24 and Section 80C, which are Rs. 2,00,000 and Rs. 1,50,000, respectively.
