Home loan interest deduction

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 July 2012 Home Loan Interest Deduction under which section and in Income tax return where we show in govt excel format?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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12 July 2012 It is allowed u/s 24. It is shown under the head Income from House Property.

CA PRAVEEN SINGH

CA PRAVEEN SINGH (Expert)
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12 July 2012 yes..
The Section 24(b) of the Income Tax Act, 1961 is applicable on Home loan for purchase of house or construction of the house property. You can avail a deduction of up to Rs. 1,50,000 of your total tax liability.

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CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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12 July 2012 Deduction is limited to Rs. 1,50,000 if the house is self occupied.

If the house is let out, there is no limit and full deduction is allowed.