Deduction in respect of interest on loan taken for certain house property - (New) Section 131 / (old) Section 80EEA

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.... • Is not already claiming deduction under section 130, and • Has taken a home loan from a financial institution to buy a residential house. (a) "financial institution" means a banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies, or any bank or banking institution referred to in section 51 of that Act or a housing finance company; (b) "housing f....

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.... a deduction under this section is allowed for any interest referred to in sub-section (1), deduction shall not be allowed in respect of such interest under any other provision of this Act for the same or any other tax year. Under Section 80EEA of the Income Tax Act, 1961 [ Upto 31.03.2026 ] Available to: Individual in computing total income Purpose: Interest payable on loan taken from fi....