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Deduction limit for home loan interest

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7 Points Posted on 12 December 2019
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.
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On 12 December 2019 at 00:40 Report
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52 Points Posted on 12 December 2019
30000 maximam but 2lakh in case loan taken onward 1/4/1999
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On 12 December 2019 at 20:52
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7 Points Posted on 13 December 2019
Thnx. but yesterday someone told that it is 1.5 lakh from assetment year 2020-21 onwards..?? plz clarify it to me.
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On 13 December 2019 at 14:05
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52 Points Posted on 14 December 2019
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.
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On 14 December 2019 at 12:33
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17264 Points Posted on 14 December 2019
Maximum deduction on interest on home loan is 2 lakhs under section 24(b).

Provided both home loan and home ownership in your name.
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On 14 December 2019 at 20:37
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Student
23688 Points Posted on 14 December 2019
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/-
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On 14 December 2019 at 23:43
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2 Points Posted on 29 September 2020
If I paid some part of home loan principal amount then what deduction I will get?
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On 29 September 2020 at 13:01


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