HBL INTEREST

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94 Points Posted on 06 March 2021
How much interest can be claimed under section 24
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On 06 March 2021 at 08:02 Report
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This discussion clarifies the tax benefits available for Home Buyers Loan (HBL) interest under Section 24 of the Income Tax Act. For let-out properties, the full interest can be claimed, with a maximum deduction of £2 lakhs after offsetting against house rent income. For self-occupied properties, the maximum deduction is £2 lakhs if specific conditions regarding loan date, purpose, and construction completion are met; otherwise, it's capped at £30,000.

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17269 Points Posted on 06 March 2021
Max 2 lakhs
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On 06 March 2021 at 08:49
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student
334 Points Posted on 06 March 2021
Let out property - full interest even if it exceeds 2 lacs. After setting off with ur house Rent income, if there is still any interest remaining, u can max take 2 lacs out of remaining interest available

Self occupied property
If loan is taken after 01.04.1999 & loan is taken for purchase or construction of house property & if taken for construction, it is completed within 5 yrs from the end of the year in which loan is taken. If all these are satisfied - max 2 lacs

If not satisfied- max 30,000
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On 06 March 2021 at 10:22

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