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Asked by namish on :Aug. 04, 2018

I have heard we can claim additional deduction of…

I have heard we can claim additional deduction of Rs 50000 for construction of first house property…

I have heard we can claim additional deduction of Rs 50000 for construction of first house property . Is it true?

0

Chiranjibi Aug. 04, 2018

Section 80EE allows tax benefits for first time home buyers. Income tax deduction can be claimed on home loan interest.

The deduction allowed under this section is for interest paid on home loan up to maximum Rs 50,000 per financial year.

You can continue to claim this deduction until you have fully repaid the loan amount, there is no cap to how long you can claim it for.

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