Section 80EE of ITA, 1961 : Section 80Ee: Deduction In Respect Of Interest On Loan Taken For Residential House Property
ITA, 1961
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Explanation using Example
Imagine a scenario where Raj, an individual taxpayer, decides to purchase his first home in May 2016. The cost of the home is ₹45 lakh. To finance the purchase, he takes out a loan of ₹35 lakh from a recognized housing finance company. The loan is sanctioned between April 1, 2016, and March 31, 2017, making it eligible for the benefits under Section 80EE of the Income-tax Act, 1961.
During the financial year, Raj pays ₹60,000 as interest on the home loan. When filin...
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