Interest on home loan

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47 Points Posted on 04 January 2021
is the interest on home loan is deductible in new tax slab for ay 2020-21
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On 04 January 2021 at 11:44 Report
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This discussion clarifies the deductibility of home loan interest under the new tax slab for AY 2020-21. It explains that under Section 115BAC (new tax regime), interest on home loans is not deductible. For the old tax regime, interest is deducted from house property income, with a limit of £2 lakh for self-occupied properties and unlimited for rental properties.

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378 Points Posted on 04 January 2021
Cant Claim neither under Chapter VIA nor under Sec 24
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On 04 January 2021 at 12:10
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Accountant
4533 Points Posted on 04 January 2021
Intt on home is deducted in house property income. can't be deducted separately. claim any income under HP and take deduction of intt
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On 04 January 2021 at 19:48
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524 Points Posted on 04 January 2021
From let out property only it can be deducted otherwise from self occupied property it can't be.
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On 04 January 2021 at 21:02
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Accountant
4533 Points Posted on 05 January 2021
No it be deductible against both
rental n self occupied.
but the limit for self occupied is upto 2 lakh and for rental is unlimited
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On 05 January 2021 at 01:21
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524 Points Posted on 05 January 2021
Of you have opt for new tax regime then as per section 115BAC you are not allowed to take deduction of section 24(b) i.e. interest paid
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On 05 January 2021 at 08:08

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