Under Section 24, homeowners can claim a deduction for interest payments up to Rs2 lakh on their home loan, if the owner or his family resides in the house property. The deduction of up to Rs 2 Lakh applies even when the house is vacant. If you have rented out the property, the entire home loan interest is allowed as a deduction.
What does entire home loan interest mean? if it is more than 2 lakh that also we can claim?
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Sec 24 limit
Replies (2)
Quick Summary
In case of self occupied property you can claim maximum deduction of rs.200000 not more than this .
but in case of let out ,demmed to be let out ,partly let out or partly self occupied in all these case there is not maximum limit you can take deduction of actual intredt paid u/s 24 (b)
but in case of let out ,demmed to be let out ,partly let out or partly self occupied in all these case there is not maximum limit you can take deduction of actual intredt paid u/s 24 (b)
Thank you 😊
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