Yes.... 80EE & 24(b) both can be availed together as earlier one is given in addition to later one. 80EE- ₹50000 (subject to certain conditions provided u/s 80EE)
This deduction is over and above the Rs 2 lakhs limit under section 24 of the income tax act. Read more about deduction of Rs 2 lakhs on interest on home loan here.
Under section 80EE[4], where a deduction under this section is allowed for any interest on loan taken for acquiring residential house property, deduction shall not allowed in respect of such interest under any other provisions of this Act for the same or any other assessment year..
@ unnati scenario 1 : the total interest payments made towards borrowed capital is 200000 then the whole amount can be claimed under 24(b) but you cannot claim additional deduction of 50000 under 80ee since all the interest expenses have been exhausted in sec. 24(b) itself
scenario 2: the total interest payments made towards borrowed capital is 250000 then you can claim 200000 under 24(b) and 50000 under 80ee