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Showing posts with label Income Tax Standard deduction Rs.50000. Show all posts
Showing posts with label Income Tax Standard deduction Rs.50000. Show all posts

Wednesday, 23 October 2019


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.