Home loan interest under 24(b)

This discussion clarifies how to claim home loan interest under Section 24(b) of the Income Tax Act. You can claim the actual interest paid on your home loan, up to a maximum limit of £2 lakh per financial year. The amount deductible is the lower of the actual interest paid or the £2 lakh limit. Ensure you have received the completion certificate for your property to claim this deduction in the current financial year.