Matter of interest of home loan

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Guest

Guest (Querist)

06 July 2012 good evening sir\madam
I Want to Know About Interest Of Home Loan My Friend have Purchase a house in loan. his monthly e.m.i is 15000 per month. he also live in this house.my question is that can he take deduction of interest of home loan .while he already live in this house. please sir reply. thanks.will it come in u/s 80c

Mohit Naithani

Mohit Naithani (Expert)
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06 July 2012 Yes, he can avail the deduction of interest u/s 24 even when house is self occupied (GAV is Nil) he can avail maximum amount upto Rs 150000/- if he take a loan on or after 01.04.1999 for purchase/construct the house and purchase/construction is complete within 3 years. But if he did not satisfy the above mention condition then Amount of deduction u/s 24 is upto 30000 or actual interest paid (Whichever is lower)