Home loan interest under 24(b)

Tax queries 223 views 4 replies

Hi,

 

I took a home loan of 20L in the month of Dec 2022. My monthly EMI is Rs.20285. I had paid four EMIs as of now. In the tax statement the total interest paid is shown as Rs. 59435. March EMI is not yet paid.

While filing the ITR, can I claim the total 2Lakhs under section 24(b) or I can only claim the actual amount paid as per the IT statement from the bank?

Thanks

 

 

 

Replies (4)

You cannot claim more than whatever you have actually paid. Rs 2 lakhs is the maximum limit claimable under the section.

Hope you have already got the completion certificate of the residential property, otherwise you are not allowed to claim in current year.

You can claim the actual interest paid based on the interest certificate issued by the bank or financial institution
Yes you can claim u/s 24(b) the amount of deduction shall be lower of actual interest or 2 lakhs whichever is less
59435+ March interest is allowed


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