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Deduction limit for home loan interest
Can anyone plz let me know the max deduction amount allowed on home loan interest in FY 2019-20 as loan is sanctioned on Feb 2019.
Replies (6)
30000 maximam but 2lakh in case loan taken onward 1/4/1999
Thnx. but yesterday someone told that it is 1.5 lakh from assetment year 2020-21 onwards..?? plz clarify it to me.
Home loan deduction allowed 1.5lakh u/s 80c,but interest on home loan deduction allow upto max 30k or if loan taken 1/4/1999 onward upto max 2lakh u/s 24(b).
Your question is interest on home loan
you recieve answer of home loan
i clarify both of you ok.
Your question is interest on home loan
you recieve answer of home loan
i clarify both of you ok.
Maximum deduction on interest on home loan is 2 lakhs under section 24(b).
Provided both home loan and home ownership in your name.
Provided both home loan and home ownership in your name.
Under Section 24(b) of the Income Tax Act 1961, Maximum deduction for Interest on Borrowed Capital is Rs. 2,00,000/- in case of SELF OCCUPIED PROPERTY.
And the Principal portion is allowed as Deduction under Section 80C of the Income Tax Act 1961 upto Rs. 1,50,000/-
And the Principal portion is allowed as Deduction under Section 80C of the Income Tax Act 1961 upto Rs. 1,50,000/-
If I paid some part of home loan principal amount then what deduction I will get?
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