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    House Property. 80EE. (1) in Computing The Total Income of An Assessee, Being An

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    Renugopal
    The document discusses a tax deduction in India for interest paid on loans taken from financial institutions for the purchase of a residential property. Specifically: 1) It allows an individual taxpayer to deduct up to 50,000 rupees of interest paid on home loans sanctioned between April 1, 2016 to March 31, 2017. 2) The loan amount cannot exceed 35 lakh rupees and the property value cannot exceed 50 lakh rupees. 3) The deduction applies for assessment years beginning April 1, 2017 and going forward, as long as the individual does not own a home when the loan is sanctioned.

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    House Property. 80EE. (1) in Computing The Total Income of An Assessee, Being An

    Uploaded by

    Renugopal
    8 views2 pages
    The document discusses a tax deduction in India for interest paid on loans taken from financial institutions for the purchase of a residential property. Specifically: 1) It allows an individual taxpayer to deduct up to 50,000 rupees of interest paid on home loans sanctioned between April 1, 2016 to March 31, 2017. 2) The loan amount cannot exceed 35 lakh rupees and the property value cannot exceed 50 lakh rupees. 3) The deduction applies for assessment years beginning April 1, 2017 and going forward, as long as the individual does not own a home when the loan is sanctioned.

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    IT HRA

    Original Title

    HRA

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    The document discusses a tax deduction in India for interest paid on loans taken from financial institutions for the purchase of a residential property. Specifically: 1) It allows an individual taxpayer to deduct up to 50,000 rupees of interest paid on home loans sanctioned between April 1, 2016 to March 31, 2017. 2) The loan amount cannot exceed 35 lakh rupees and the property value cannot exceed 50 lakh rupees. 3) The deduction applies for assessment years beginning April 1, 2017 and going forward, as long as the individual does not own a home when the loan is sanctioned.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    8 views2 pages

    House Property. 80EE. (1) in Computing The Total Income of An Assessee, Being An

    Uploaded by

    Renugopal
    The document discusses a tax deduction in India for interest paid on loans taken from financial institutions for the purchase of a residential property. Specifically: 1) It allows an individual taxpayer to deduct up to 50,000 rupees of interest paid on home loans sanctioned between April 1, 2016 to March 31, 2017. 2) The loan amount cannot exceed 35 lakh rupees and the property value cannot exceed 50 lakh rupees. 3) The deduction applies for assessment years beginning April 1, 2017 and going forward, as long as the individual does not own a home when the loan is sanctioned.

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    2/23/2019 Income Tax Department

    37[Deduction in respect of interest on loan taken for residential


    house property.
    80EE. (1) In computing the total income of an assessee, being an
    individual, there shall be deducted, in accordance with and subject
    to the provisions of this section, interest payable on loan taken by
    him from any financial institution for the purpose of acquisition of a
    residential property.
    (2) The deduction under sub-section (1) shall not exceed fifty
    thousand rupees and shall be allowed in computing the total income
    of the individual for the assessment year beginning on the 1st day of
    April, 2017 and subsequent assessment years.
    (3) The deduction under sub-section (1) shall be subject to the
    following conditions, namely:—
    (i) the loan has been sanctioned by the financial institution
    during the period beginning on the 1st day of April, 2016
    and ending on the 31st day of March, 2017;
    (ii) the amount of loan sanctioned for acquisition of the
    residential house property does not exceed thirty-five lakh
    rupees;
    (iii) the value of residential house property does not exceed
    fifty lakh rupees;
    (iv) the assessee does not own any residential house property
    on the date of sanction of loan.
    (4) Where a deduction under this section is allowed for any interest
    referred to in sub-section (1), deduction shall not be allowed in
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    respect of such interest under any other provision of this Act for the
    2/23/2019 Income Tax Department

    same or any other assessment year.


    (5) For the purposes of this section,—
    (a) "financial institution" means a banking company to which
    the Banking Regulation Act, 1949 (10 of 1949) applies, or
    any bank or banking institution referred to in section 51 of
    that Act or a housing finance company;
    (b) "housing finance company" means a public company
    formed or registered in India with the main object of
    carrying on the business of providing long-term finance for
    construction or purchase of houses in India for residential
    purposes.]

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