Home loan interest deduction
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 July 2012
Home Loan Interest Deduction under which section and in Income tax return where we show in govt excel format?
12 July 2012
It is allowed u/s 24. It is shown under the head Income from House Property.
CA PRAVEEN SINGH
(Expert)
12 July 2012
yes..
The Section 24(b) of the Income Tax Act, 1961 is applicable on Home loan for purchase of house or construction of the house property. You can avail a deduction of up to Rs. 1,50,000 of your total tax liability.
The Section 24(b) of the Income Tax Act, 1961 is applicable on Home loan for purchase of house or construction of the house property. You can avail a deduction of up to Rs. 1,50,000 of your total tax liability.
12 July 2012
Deduction is limited to Rs. 1,50,000 if the house is self occupied.
If the house is let out, there is no limit and full deduction is allowed.
If the house is let out, there is no limit and full deduction is allowed.
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