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

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Question: Which of the following deductions is available for interest paid on housing loans under Section 24(b)?

Options:

Correct Answer: Up to 2 lakhs

Solution:

Under Section 24(b), a deduction of up to 2 lakhs is available for interest paid on housing loans.

Which of the following deductions is available for interest paid on housing loans under Section 24(b)?

Which of the following deductions is available for interest paid on housing loans under Section 24(b)?

Step 1: Understand that Section 24(b) is a part of the Income Tax Act in India.
Step 2: Know that this section allows taxpayers to claim deductions on interest paid for housing loans.
Step 3: Remember that the maximum deduction you can claim under Section 24(b) is up to 2 lakhs (200,000 rupees).
Step 4: Ensure that the loan is taken for purchasing or constructing a residential property to qualify for this deduction.
Step 5: Keep in mind that this deduction is applicable only for the interest component of the housing loan, not the principal repayment.

No concepts available.