Is housing loan interest is exempted from total gross income?

Forums Tax Planning Is housing loan interest is exempted from total gross income?

Is housing loan interest is exempted from total gross income?

Is housing loan interest is exempted from total gross income?

Profile photo of ARIJIT ROY Asked By: ARIJIT ROY 1 replies 0 helpful answers Last Updated: 5 months, 4 weeks ago
  • Profile photo of ARIJIT ROYARIJIT ROY
    Participant

    Is housing loan interest is exempted from total gross income?

  • Profile photo of Chetan ChandakChetan Chandak
    Moderator

    You can claim deduction for housing loan interest under section 24.

    For a self occupied house maximum deduction is Rs. 2 lakh and for a rented property you can claim the entire interest paid as deductible. Further any loss under the head house property on account of the housing loan interest was allowed to be adjusted against other heads of income like salary, other sources, etc. But Finance Act 2017 has capped this loss adjustment to Rs. 2 lakh in a financial year. This means that Starting 1st  April 2017 you will be able to deduct maximum Rs. 2 lakh from you income under other heads of income and balance will be carried forward to next 8 assessment

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