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Alakshendra Rai   12 December 2019

Deduction limit for home loan interest

Can anyone plz let me know the max deduction amount allowed on home loan interest in FY 2019-20 as loan is sanctioned on Feb 2019.


Learning

 2 Replies

G.L.N. Prasad (Retired employee.)     12 December 2019

Make good use of Google search for the query.  You can get more information than what is possible through online guidance.

Harendra Kumar (A Practicing Lawyer)     19 December 2019

If you are paying EMI for the housing loan, it has two components – interest payment and principal repayment. The interest portion of the EMI paid for the year can be claimed as a deduction from your total income up to a maximum of Rs 2 lakh under Section 24. From Assessment Year 2018-19 onwards, the maximum deduction for interest paid on Self Occupied house property is Rs 2 Lakh.

 


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