Tax
What is Section 24(b) — Home Loan Interest? — Meaning, Definition & Example
Definition
Section 24(b) allows deduction of up to ₹2 lakh per year on interest paid on home loan for a self-occupied property. For let-out property, there is no upper limit on interest deduction. The property must be purchased/constructed within 5 years of taking the loan.
💡 Real Example
Home loan EMI of ₹43,000/month: annual interest ₹4.2 lakh, claim ₹2 lakh under Sec 24(b) + principal under 80C = total ₹3.5 lakh tax deduction.
🇮🇳 Section 24(b) — Home Loan Interest in Hindi / हिंदी में
धारा 24(b) — होम लोन ब्याज — धारा 24(b) स्व-कब्जा संपत्ति के होम लोन पर भुगतान किए गए ब्याज पर प्रति वर्ष ₹2 लाख तक की कटौती की अनुमति देती है।
Section 24(b) (Hinglish) — Section 24(b) self-occupied property ke home loan interest pe ₹2 lakh per year tak deduction deta hai. Let-out property pe koi limit nahi hai.
❓ Frequently Asked Questions
What is Section 24(b) — Home Loan Interest in simple words?
Section 24(b) allows deduction of up to ₹2 lakh per year on interest paid on home loan for a self-occupied property. For let-out property, there is no upper limit on interest deduction. The property must be purchased/constructed within 5 years of taking the loan.
Can you give an example of Section 24(b) — Home Loan Interest?
Home loan EMI of ₹43,000/month: annual interest ₹4.2 lakh, claim ₹2 lakh under Sec 24(b) + principal under 80C = total ₹3.5 lakh tax deduction.
What is Section 24(b) — Home Loan Interest meaning in Hindi?
In Hindi, Section 24(b) — Home Loan Interest is called धारा 24(b) — होम लोन ब्याज. धारा 24(b) स्व-कब्जा संपत्ति के होम लोन पर भुगतान किए गए ब्याज पर प्रति वर्ष ₹2 लाख तक की कटौती की अनुमति देती है।