Deduction for home loan interest allowed for eligible individuals subject to sanction, property value and ownership conditions. An individual ineligible for the prior deduction may claim an annual capped deduction for interest on a loan from a defined financial institution for acquiring a residential house, subject to loan sanction within a specified period, a stamp duty value ceiling for the property, and the assessee not owning any residential house at loan sanction; the same interest cannot be deducted under any other provision.
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 allowed for eligible individuals subject to sanction, property value and ownership conditions.
An individual ineligible for the prior deduction may claim an annual capped deduction for interest on a loan from a defined financial institution for acquiring a residential house, subject to loan sanction within a specified period, a stamp duty value ceiling for the property, and the assessee not owning any residential house at loan sanction; the same interest cannot be deducted under any other provision.
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