Home loan interest deduction

Under Section 24 Owners can claim a deduction of up to Rs 2 lakh on their home loan interest, if the owner or his family resides in the house property (i.e Self occupied). The same treatment applies when the house is vacant.
If you have rented out the property, the entire home loan interest is allowed as a deduction u/s 24.

Deduction u/s 80EE : This deduction (up to Rs. 50,000) is over and above the Rs 2 lakhs limit under section 24 of the income tax act if following conditions satisfied :

Value of the house should be Rs 50 lakhs or less

Loan taken for the house must be Rs 35 lakhs or less

The loan must be sanctioned by a Financial Institution or a Housing Finance Company

The loan must be sanctioned between 01.04.2016 to 31.03.2017

As on the date of the sanction of loan, no other house property must be owned by you.

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