Housing loan exemption

Section 80 allows deduction on the repayment of the principal component of the loan. the interest component is allowable under section 24 upto the limit of Rs. 1,50,000/-

Thanks Mr. Ankit, if he is submiting rent receipt of Rs. 19000 PM apart from housing loan then 24b is acceptable or not?

deduction on the interest component is available irrespective of the facts of whether the house is given on rent or not.

if the house is not given on rent, yet int deduction is allowable. In such a case you file a ROI showing a loss under the head "INcome from House Property"

Also, the limit of Rs. 1.50.000/- is applicable in case of self occupancy. If the house is given on rent then the deduction for interest is available upto the actual amount paid.