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of <h1>Deduct up to Rs.1,00,000 home loan interest if loan sanctioned Apr 1, 2013-Mar 31, 2014, subject to limits</h1> An individual may deduct interest paid on a loan from a financial institution for acquiring a residential house, up to Rs.1,00,000 for the assessment year beginning 1 April 2014 (any shortfall in the previous year's interest may be allowed in the following assessment year). The deduction applies only if the loan was sanctioned between 1 April 2013 and 31 March 2014, the loan does not exceed Rs.25,00,000, the property value does not exceed Rs.40,00,000, and the individual did not own a residential house when the loan was sanctioned. Interest so deducted cannot be claimed again under any other provision. Financial institutions and housing finance companies are defined.
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