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Interest on loan

15 September 2020

hi sir/ madam
I am salary person I have paid interest on home loan shall I cliam interest deduction with salary income

thanks for updating

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Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 15 September 2020

At present, for a self-occupied house, one can avail a tax break on the principal amount repaid on the home loan as well as the interest paid on it. Under section 80C of the Income Tax Act, 1961 you get a deduction for the principal (of the loan) repaid up to Rs 1.5 lakh a year and the interest paid is deductible up to Rs 2 lakh per annum under section 24 of Income tax Act, 1961