Home loan interest deduction

[Asked by Guest]

i am salaried employee (women) and my yrly income is 2.5 lakhs and i pay loan instlment on home loan so can i take full interest amt.for the relavant year as deduction or there is certain limit plz explain thank you

[Markesh Antony]

In case of self acquird propery, you can calim deduction upto Rs. 1,50,000 on account of interest paid on loan taken to purchase such house

AI Summary

Home loan interest deduction available for self-acquired property, subject to prescribed maximum limits on interest claimed.
The advisory states that for a self-acquired property a taxpayer may claim a deduction for interest paid on a loan taken to purchase the house, subject to a maximum permissible deduction of Rs. 1,50,000 for the relevant year.