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

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

Options:

  1. ₹1,50,000
  2. ₹2,00,000
  3. ₹1,00,000
  4. No limit

Correct Answer: ₹1,50,000

Solution: 

Under Section 24(b), a deduction of up to ₹2,00,000 is available for interest on housing loan.

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

Practice Questions

Q1
Which of the following deductions is available for interest on housing loan under Section 24(b)?
  1. ₹1,50,000
  2. ₹2,00,000
  3. ₹1,00,000
  4. No limit

Questions & Step-by-Step Solutions

Which of the following deductions is available for interest on housing loan 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 the interest paid on housing loans.
  • Step 3: Remember that the maximum deduction you can claim for interest on a housing loan is ₹2,00,000.
  • Step 4: Ensure that the loan is taken for purchasing or constructing a residential property to qualify for this deduction.
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