Interest deduction on home loans: individuals may claim an additional capped deduction subject to loan, value and ownership conditions. Deduction for interest on loans for acquisition of a residential house is available only to an individual and applies to interest on loans from a financial institution where the loan is sanctioned within a specified period, the sanctioned loan and property value do not exceed prescribed ceilings, and the assessee does not own any residential house property on the sanction date; the deduction is exclusive of other provisions.
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Provisions expressly mentioned in the judgment/order text.
Interest deduction on home loans: individuals may claim an additional capped deduction subject to loan, value and ownership conditions.
Deduction for interest on loans for acquisition of a residential house is available only to an individual and applies to interest on loans from a financial institution where the loan is sanctioned within a specified period, the sanctioned loan and property value do not exceed prescribed ceilings, and the assessee does not own any residential house property on the sanction date; the deduction is exclusive of other provisions.
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