What is SECTION 24 AND 80EE AND 80EEA
Updated on : Aug. 27, 2022 - 4 p.m. 17 min read.
- Section 24: The deduction amount for the interest paid on a home loan is limited to Rs. 2 lakh per financial year for a self-occupied property. If the property is not self-occupied, there is no limit to the amount of deduction that can be claimed.
- Section 80C: The maximum deduction amount under this section is Rs. 1.5 lakh per financial year for investments in specified instruments such as PPF, EPF, NSC, tax-saving mutual funds, etc.
- Section 80EE: This section provides an additional deduction of up to Rs. 50,000 for interest paid on a home loan by first-time homebuyers, subject to certain conditions.
- Section 80EEA: This section provides a deduction of up to Rs. 1.5 lakh for interest paid on a home loan taken for the purchase of an affordable housing property, subject to certain conditions.