Interest on loan u/s 24(b)
Investments / Payments / Income on which I can get tax benefit
Section 24(b) – Deduction from Income from House Property on interest paid on housing loan and housing improvement loan. In case of self-occupied property, the upper limit for deduction of interest paid on housing loan is Rs.2 lakh. However, this deduction is not available for person opting for New Tax Regime.
Interest on loan u/s 24(b) allowable is situated below
|
Nature of Property |
When loan was taken |
Purpose of loan |
Allowable (Maximum Limit) |
|
Self-Occupied |
On or After 01/04/1999 |
Construction or purchase of house property |
Rs.2,00,000/- |
|
On or After 01/04/1999 |
For Repairs of house property |
Rs.30,000/- |
|
|
Before 01/04/1999 |
Construction or purchase of house property |
Rs.30,000/- |
|
|
Before 01/04/1999 |
For Repairs of house property |
Rs.30,000/- |
|
|
Let Out |
Any time |
Construction or purchase of house property |
Actual value without any limit |