interest on loan for house property u/s 24

hi

regards to all of u

can u tell me if an employee take a home loan for construction and paid EMI then all the part of interest whether it is 70,000 but not exceed the taxable income, is allowed as deduction while computing the taxable income.

example

total salary is 295000

interest on home loan is 70,000 principle amount is 25,000

investment u/s 80-C is 57,000

mediclaim policy is 10,000(yearly instalment 2000)

what is the taxable income

Thanks and Regards

Abid Hussain