Download Automated All in One TDS on Salary for Govt and Non-Govt employees for the F.Y.2017-18with new tax slab. [This Excel Utility can prepare at a time Tax Computed Sheet + Individual Salary Structure as per Non-Govt Salary structure + Automated H.R.A. Calculation U/s 10(13A) + Automated Form 12 BA + Automated Form 16 Part A&B and Form 16 Part B]
The deduction is allowed only to individuals, maximum limit of deduction is Rs. 50,000 and deduction is available from financial year 2016-17 on wards. Such deduction is allowed till such loan is repaid.
There is no limit on interest deduction under section 24b for rented properties, therefore this section benefits only the persons who has taken loan on self occupied properties.
Deduction under this section is allowed only if following conditions are satisfied –
(i)the loan has been sanctioned by the financial institution between 1st April 2016 to 31st March 2017.
(ii)the amount of loan sanctioned for acquisition of the residential house property does not exceed Rs. 35 lakhs.
(iii) the value of residential house property does not exceed Rs. 50 lakhs.
(iv) the assessee does not own any residential house property on the date of sanction of loan.
The deduction is allowed over and above deduction under section 24b. Assessee can not take deduction under both the sections.