Deduction limit on interest on home loan
This query is : Open
Manish Mitra
(Querist)
22 April 2018
ITR 1 is auto calculating deduction limit on home loan under 80 EE. but limit is 200000. please clarify
Nikhil Kaushik
(Expert)
22 April 2018
the limit is Rs 50000 only.....
22 April 2018
As per sec 80ee limit is allowed Rs 50k. Also it's applicable only to 1st time home buyers. The 2lakhs limit is applicable u/s 24...
Please go to refer this link you can get some clarity about Home Loan related deductions...
https://cleartax.in/s/deductions-under-section24-income-from-house-property
https://cleartax.in/s/section-80ee-income-tax-deduction-for-interest-on-home-loan
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