Deduction for interest on home loan: capped benefit for specified loans subject to eligibility conditions. Deduction in respect of interest on loan taken for acquisition of a residential house property is available to individual assessees from specified ... Summary
Deduction for interest on home loan: capped benefit for specified loans subject to eligibility conditions.
Deduction in respect of interest on loan taken for acquisition of a residential house property is available to individual assessees from specified financial institutions, subject to an overall monetary cap and eligibility conditions including the loan sanction period, caps on sanctioned loan amount and property value, and a requirement that the assessee not own any residential house on the date of sanction; the deduction is exclusive and precludes claiming the same interest under any other provision.
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