Securing Hannav Ledger...
Securing Hannav Ledger...
Glossary
Section 24(b) allows a deduction of up to ₹2 lakh per year on home loan interest for a self-occupied property under the old tax regime.
Interest paid on your home loan reduces your taxable income by up to ₹2 lakh a year.
For let-out property there is no ₹2 lakh cap, but the overall loss from house property that can be set off is limited to ₹2 lakh per year. Not available under the new regime.
Paying ₹1.8 lakh home loan interest in a year lets you deduct the full amount under Section 24(b).
Interest paid on your home loan reduces your taxable income by up to ₹2 lakh a year.
Section 24(b) helps you evaluate products, compare options, and make informed decisions aligned with goals, tax rules, and risk tolerance in the Indian financial system.