Interest u/s 24 b

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DWARKA

DWARKA (Querist)
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25 July 2013 what is the exemption limit of interest on house loan and condition?

Thanks in advance

Aashish Tiwari

Aashish Tiwari (Expert)
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25 July 2013 Under sec 24 (b) There is no limit on the number of home one can claim. The only limit will be of Rs. 1, 50,000 on the entire amount.However, the acquisition or construction of the house property should be completed within 3 years from the end of financial year in which home loan was taken; otherwise, the amount of interest benefit allowed is only up to Rs 30,000.