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Which of the following deductions is available for interest paid on housing loan

Practice Questions

Q1
Which of the following deductions is available for interest paid on housing loans?
  1. Section 80C
  2. Section 80D
  3. Section 24(b)
  4. Section 10

Questions & Step-by-Step Solutions

Which of the following deductions is available for interest paid on housing loans?
  • Step 1: Understand that a housing loan is a loan taken to buy a house.
  • Step 2: Know that when you pay interest on this loan, you can get some money back from the government.
  • Step 3: This money back is called a 'deduction'.
  • Step 4: The specific rule that allows you to get this deduction is found in a part of the tax law called Section 24(b).
  • Step 5: Therefore, if you pay interest on your housing loan, you can claim a deduction under Section 24(b).
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