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.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
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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