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Jun 28, 2024 · The interest portion of the home loan EMI for the year can be claimed as a deduction from your total income up to a maximum of Rs 2 lakh under Section 24. From the assessment year 2018-19 onwards, the maximum deduction for interest paid on self-occupied house property is Rs 2 lakh.
Jul 16, 2024 · However, if you borrowed the loan from 1 st April 2019 to 31 st March 2022, you can claim deduction of up to Rs. 1,50,000 under section 80EEA for the interest paid thereon only under the old tax regime.
Jul 9, 2019 · Section 80EE provides deduction for the interest paid on housing loan taken during the period of 01 April 2016 to 31 March 2017 under which you may claim upto Rs.50,000 if eligible. Further, Section 24 also provides deduction from ‘interest paid on housing loan’ upto Rs.2,00,000.
Oct 17, 2024 · Know here. On purchase of property with home loans, borrowers enjoy a variety of deductions on their income tax liability. These deductions against the tax could be claimed under four sections of the income tax act, namely Section 80C, Section 24, Section 80EE and Section 80EEA.
Oct 24, 2024 · Under the new tax regime, individuals can still claim a deduction on home loan interest payments for let-out properties.
Jun 3, 2024 · Section 80EE provides a deduction only for the interest portion of a house loan. The house loan must be sanctioned by a Housing Finance organization or a financial institution. The tax benefit is not available for loans on commercial property for commercial businesses.
You can avail deduction on the interest paid on your home loan under section 24 (b) of the Income Tax Act. For a self-occupied house, the maximum tax deduction of Rs. 2 lakh can be claimed from your gross income annually, provided the construction/ acquisition of the house is completed within 5 years.
