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Deduction limit for home loan interest

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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6 Replies

Prince Parashar (52 Points)
Replied 12 December 2019

30000 maximam but 2lakh in case loan taken onward 1/4/1999

Alakshendra Rai (7 Points)
Replied 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.

Prince Parashar (52 Points)
Replied 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.

Kapadia Pravin (17249 Points)
Replied 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.

Shivam RC (Student) (23683 Points)
Replied 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/-