Tax Deduction on Home Loan - Section 80EE

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If you take home loan for purchase or construction of a house, the capital repayment and interest paid on the home loan qualify for deduction under separate income tax sections. While principal repayment qualifies for deduction under section 80C of the Income-tax Act, 1961 and has an overall limit of Rs1.5 lakh a year, the interest payment on home loan qualifies for deduction under section 24(b) of the Act, with an overall limit of Rs2 lakh a year.

There is an additional deduction of Rs 50,000 for interest payment on home loans under section 80EE for the first-time homebuyers.

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