Section 80EE allows individuals to claim the deduction for interest paid on the home loan taken for the first residential house. The eligible deduction amount for AY 2019-20 (FY 2018-19) is INR 50,000.
Section 80EEA allows individuals an additional tax deduction on home loan interest. The eligible deduction amount is INR 1,50,000.
Adding deductions under Section 80EE/EEA,
Lets claim your deductions on interest paid on your home loan,
- Navigate to Save > Begin/Edit > Deductions > Add/Proceed.
- Select Section 80EE/EEA and click on Proceed.
- Add the Interest on Home Loan according to date criteria.
- Once you have added the amounts correctly, click on Save.
Want to see the deductions that you just added? Go to the summary view under, Tax Situation > Deductions.