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of <h1>Clause 74: Deduction on Home Loan Interest for Owned House Property, Conditions Apply, Max INR 150,000, Spread Over 5 Years.</h1> Clause 74 of the Direct Taxes Code, 2010, provides for a deduction on interest paid on loans taken for acquiring, constructing, repairing, or renovating house property. This deduction is available to individuals or Hindu undivided families, provided the property is owned and not let out during the financial year, and construction is completed within three years of the loan. A certificate from the financial institution is required. Interest for periods before acquisition or construction is deductible over five years. The deduction is capped at INR 150,000 and is reduced by any previously claimed deductions under the Code.
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