Tax deductions for Home loans - Need details

Deduction of interest on Housing Loan
As per section 24 of the Income-tax Act, 1961 a deduction of up to Rs 1, 50,000/- per annum is allowed to every individual tax payer as also Hindu Undivided Family on a housing loan taken on or after 1st April, 1999.

The only condition to avail of this deduction is that the amount of loan should be utilized for construction of a self-occupied property.

Presently, all those tax payers falling in the higher income bracket are able to enjoy a huge tax saving of up to Rs.45, 000/- per annum merely because of this deduction on their interest component.

 

Hi ,
       Thank you for the information. But i would like to know the rules associated with that. As we are planning to buy a house on loan, i want to know all the details of it. Is that limit of 1.5L available to all , or based on the amount of house loan, will it vary etc ?

Can you please provide a link or pointer to where i can get the details ? I looked into the TDS circular for 2006_2007. There is no separate section as section 24. Where should i look for the complete details ? Can you please guide me on this ?

Thanks & Regards,
Anisha

Try the link below

[url=https://incometaxindia.gov.in/]https://incometaxindia.gov.in/[/url]