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.