Meaning
Section 24(b) of the Income Tax Act permits individuals to deduct interest paid on home loans, reducing their taxable income. This provides significant relief.Definition
It’s a tax provision allowing interest deduction on capital borrowed for acquiring, constructing, repairing, or reconstructing a house property.Eligibility Criteria
Claimable by individuals for self-occupied or let-out properties, if the loan serves specified housing purposes.Deduction Limit
Self-occupied: Max ₹2 lakh annually. Let-out: Full interest deductible; total house property loss capped at ₹2 lakh.Author
