Q.What amount of Home loan deductions can be claimed for FY 2016-17 ?

Ans.The deduction for home loan can be claimed under 3 different sections as follows :

Section Amount of DeductionDeduction Available on
which amount
80 CMaximum Rs.150000Principal repayment of Home loan
24Maximum Rs.200000(For Self Occupied House Property)
No limit- For not self occupied house
Interest on Home loan
80EEMaximum Rs.50000 (For first time home buyers)Interest on Home Loan provided the loan is sanctioned between 1.4.16 to 31.3.17

For further details regarding Home loans you can refer Home loans-Facts to know !

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