Deduction for home loan interest limited by loan, property and ownership conditions; exclusive claim prevents other interest deductions.

A deduction is available to individual assessees for interest on loans for acquisition of a residential house, subject to a capped amount and application to the initial assessment year (with any shortfall carried to the next year). Eligibility hinges on the loan being sanctioned within a specified period, ceilings on sanctioned loan amount and house value, and the borrower not owning residential property on the sanction date; the deduction applies only for loans from defined financial institutions or housing finance companies and precludes claiming the same interest deduction elsewhere under the Act.

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