Home loan Interest Payment

Taxation

Section 24 and Section 80EE

Deduction can be claimed for interest on home loan under Section 24 of the Income Tax Act, 1961. The limit under this section is Rs. 2,00,000. This deduction can only be claimed if the owner or his or her family members reside in the house property. The entire interest shall be waived off as a deduction in case the house is on rent.

Tax deduction under Section 80EE of the Income Tax Act 1961, can be claimed by first-time home buyers for the amount they pay as interest on home loan. The maximum deduction that can be claimed under this section is Rs. 50,000 during a financial year. The amount can be claimed over and beyond the deduction of Section 24.

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