Tax
Section 24(b)
Also known as: Home Loan Interest Deduction, House Property Interest
Tax deduction for home loan interest paid - up to ₹2 lakhs for self-occupied property.
Detailed Explanation
Section 24(b) allows deduction for interest paid on home loan for self-occupied property (up to ₹2 lakhs annually) and let-out property (no upper limit). For under-construction property, interest is allowed from the year of completion. Pre-construction interest is spread over 5 years. This deduction is available over and above Section 80C benefits for principal repayment.
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