17 October 2013
Tax savings for Home loan interest under Section 24B, The interest component of home loans is allowed as deduction under Section 24 B for up to Rs1.5 lakh in case of a self-occupied house.
A person taking a loan for his first home from a bank or a housing finance corporation up to Rs25lakh during the period 1 April 2013 to 31 March 2014 will be entitled to an additional deduction of interest of up to Rs1 lakh.
If the limit is not exhausted, the balance may be claimed in 2015-16. This deduction will be over and above the deduction of Rs1.5lakh allowed for self-occupied properties under section 24 of the Income-tax Act.
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