Deduction in respect of interest on loan taken for residential house property - Section 80EE

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..... on loan taken by the individual from any financial institution for the purpose of acquisition of a residential house property. The deduction shall not exceed ₹ 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 for acquisitio .....

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..... her singly or jointly. If an individual has bought a property jointly with his or her spouse and they are both paying the instalments of the loan, then the two can individually claim this deduction. To claim this benefit, it is not necessary for the taxpayer to reside in the property for which he or she is claiming this deduction. Borrowers living in rented homes can also claim this deduction. - .....

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