income-tax

Section 24: Home Loan Interest Deduction

Complete guide to Section 24 home loan interest deduction, limits, and how to claim tax benefit on property tax.

GetYourCA Team
1 April 2025·Updated 9 April 20261 min read12.5K views

Section 24: Home Loan Interest Deduction

What is Section 24?#

Deduction for interest on home loan for self-occupied property.

Deduction Limit#

  • Self-occupied: ₹2,00,000 per year
  • Let out property: No limit
  • Under construction: Allow after completion

Eligibility#

  • Home loan from approved lender
  • Property in India
  • Self-occupied or let out

Key Points#

  • Interest certificate from bank
  • Claim in ITR
  • Can carry forward loss (2 years)

Conclusion#

Section 24 provides significant tax benefit on home loans.

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GetYourCA Team

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Disclaimer

We have taken utmost care to research and write this article for your information. However, tax laws are complex and subject to frequent changes. This article is for general guidance only and should not be considered professional advice. Individual circumstances vary significantly — what works for one person may not apply to another.

Before making any tax-related decisions, we strongly recommend consulting with a qualified Chartered Accountant or tax professional who can assess your specific situation. We do not accept any liability for decisions made based on this information.

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