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of <h1>Amendment to Section 24 of Income-tax Act: Deduction Limit for Home Loan Interest Increased to 2 Lakh.</h1> Clause 10 of the Finance (No. 2) Bill, 2014 amends section 24 of the Income-tax Act, specifically addressing deductions related to income from house property. The amendment increases the deduction limit for interest on borrowed capital for self-occupied properties from one lakh fifty thousand rupees to two lakh rupees. This change applies to properties acquired or constructed within three years from the end of the financial year in which the capital was borrowed. The amendment is effective from April 1, 2015, and applies to the assessment year 2015-16 and subsequent years.
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