Interest on home loan

04 January 2021

is the interest on home loan is deductible in new tax slab for ay 2020-21

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5 Replies

Sumit Shukla (378 Points)
Replied 04 January 2021

Cant Claim neither under Chapter VIA nor under Sec 24

Krishna Chaudhary (Accountant) (4531 Points)
Replied 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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Smit Shah (524 Points)
Replied 04 January 2021

From let out property only it can be deducted otherwise from self occupied property it can't be.

Krishna Chaudhary (Accountant) (4531 Points)
Replied 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

Smit Shah (524 Points)
Replied 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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