What the condition to claim sec 80EE
in ITR-1
Conditions to be Met for Claiming Deduction
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.
Section 80EE came into effect from the financial year 2013-14. It was available for only 2 years, FY 2013-14 and FY 2014-15. The deduction allowed earlier was limited to a maximum of Rs 1 lakh in total and was available for only 2 financial years. However, this section has been reintroduced, effective FY 2016-17 (AY 2017-18). Now the deduction is allowed for up to Rs. 50,000 per year until the loan is repaid.
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