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Income tax home loan interest

ABHI KUMAR (679 Points)

01 June 2022

we claim deduction of home loan interest rs 30000 section 24 b pre renewal or after renewal?

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5 Replies

sabyasachi mukherjee (27310 Points)
Replied 01 June 2022

Once home loan is issued its obligatory on the part of the person applying for loan to arrange the same.

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Sounik Mukherjee (Area Manager (Taxation)) (101 Points)
Replied 01 June 2022

Kindly elaborate.

sabyasachi mukherjee (27310 Points)
Replied 01 June 2022

Deduction of home loan can be easily availed one thru chapter vi interest part. Sec 24 is slow there.

CA Aakarsh Jain (CA) (10429 Points)
Replied 03 June 2022

Agreed with sabyasachi

Ruchi Kariya (7 Points)
Replied 07 June 2022

You can claim of home loan interest rs 30000 under section 24b in following cases,
loan borrowed for any purpose before 01-04-1999.

loan borrowed after 01-04-1999 for any purpose other than construction or acquisition.

if construction is not completed within 5 years from the end of the financial year in which the capital was borrowed.