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Tax Deduction for First-Time Homeowners Section 80EE

Tax Deduction for First-Time Homeowners Section 80EE

Section 80EE, recently added to the Income Tax Act, provides first-time homeowners tax benefit of up to Rs.1,00,000.

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Conditions to claim deduction under Section 80EE:
To claim this deduction:

  1. You must be a first-time home owner
  2. Your home loan does not exceed Rs. 25 lakhs
  3. The property value must not exceed Rs. 40 lakhs
  4. Loan must have been sanctioned between 1 April 2013 to 31 March 2014
  5. No other house is owned by the taxpayer on the date the loan is sanctioned

Both resident individuals and NRIs can claim this deduction. The I-T Department has not specified if the house should be self-occupied to claim this deduction.

Note that this deduction can be spread over two financial years – FY 2013-14 and FY 2014-15.

Tax Deduction for First-Time Homeowners Section 80EE



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