Deduction for Interest on Housing Loan

Tax Glossary Definition

Deduction for Interest on Housing Loan

Deduction for Interest on Housing Loan – Under Section 24(b) of the Income Tax Act, interest paid on a home loan for a self-occupied property is deductible up to ₹2 lakh per financial year from the total income.

Example: If ₹1.5 lakh interest is paid on a home loan, the full amount is allowed as a deduction

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