Home loan interest deduction applies to first-time residential buyers, subject to loan, value, and ownership conditions.

Deduction is available to an individual taxpayer for interest on a loan taken from a financial institution to acquire a residential house, subject to the taxpayer not already claiming deduction under section 130. The deduction is limited to interest payable up to Rs.1,50,000 per year and applies where the loan is sanctioned between 1 April 2019 and 31 March 2022, the stamp duty value does not exceed Rs.45 lakh, and the assessee owns no residential house on the date of sanction. No double deduction is allowed for the same interest under any other provision.

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