Section 24(b) - Deduction for Home Loan Interest
Deduction for interest paid on home loan for self-occupied property (up to ₹2,00,000) or let-out property (actual interest, unlimited under old regime).
Key provisions
- Self-occupied house: deduction up to ₹2,00,000 per year for loan taken after April 1, 1999
- Let-out house: entire interest is deductible - no upper limit (set-off against other income limited to ₹2 lakh; balance carried forward 8 years)
- Pre-construction interest: deductible in 5 equal instalments starting from the year of possession
- Available only under old tax regime; not claimable under new regime
- If property is vacant (deemed let-out), treated as let-out and actual interest is deductible
FAQs
Yes. Principal repayment qualifies under Section 80C (up to ₹1.5 lakh), and interest is deductible under Section 24(b) (up to ₹2 lakh for self-occupied). Both are available only under the old tax regime.
Use via API
GET/v1/tax-law/sections/by-2025-ref/71
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REQUEST · cURL
curl https://api.thynktax.com/v1/tax-law/sections/by-2025-ref/71
RESPONSE · 200 OK
{
"act_2025_ref": "71",
"old_reference": "Section 24(b), Income Tax Act 1961",
"title": "Section 24(b) - Deduction for Home Loan Interest",
"category": "House Property Deduction",
"limit_or_rate": "₹2,00,000 for self-occupied / Actual interest for let-out",
"applicable_to": "Individual, HUF, Firm, Company",
"effective_from": "2026-04-01"
}