Can interest on home loan be taken as deduction?

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 August 2015 Dear all,
A home loan was taken amounting Rs 10 lac in previous Year 10-11. Since then we are repaying loan amount as well as interest amount. I want to know, Under which section Can I take interest or home loan amount as deduction????

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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27 August 2015 24(b) is the section to claim interest on home loan.

Querist : Anonymous

Querist : Anonymous (Querist)

27 August 2015 there is no option available of Sec 24 in ITR_1. Can I show salary after deducting interest on home loan but how department will come to know that interest on home loan has been deducted from salary.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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27 August 2015 Fill the amount in column B2 and mark 'self occupied'.

Querist : Anonymous

Querist : Anonymous (Querist)

07 December 2015 Should I show the amount of interest on home payment paid in front of the column of Income from house property" with sign of (-) like -45000/-. but it will be considered as Loss from house property. However It is the amount of interest on home load paid.

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