Section 24

amit katkar 6
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Hi Pankaj,

I can see the option "Interest on housing loan Repayment(Only for self occupied property)" under section 24, when i was submitting my annual tax entry to my employer via thier portal. can you please help me to understand what this means and when i can use this option. I have home loan and paying EMI every month. can i use it to highlight the total Interest on my Home loan ?

Please suggest. Thank you.

income-tax-deduction home-loan-interest section-24 home-loan
1 Answers

If you have taken home loan for a house which is occupied by you (not given on rent) and possession for same have already been taken by you, you can claim deduction for interest payment u/s 24 upto max Rs 1.5 lakh.

You need to mention total interest paid during financial year into this field.

Pankaj Batra5212
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