Home Loan Interest Deduction 2014-15 - 1.5 or 2 Lakhs?

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  1. Im an employee, I have taken housing loan in December 2011 for purchasing ready house(self occupied) ,iam paying Rs :2,07,000.00 for this financial year. In this financial year how much interest amount can i get exempted in income tax (wether 2,00,000.00 or 1,50,000.00)
     
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    The new limit of Rs 2,00,000 as the maximum interest deduction on repayment of home loan is applicable from FY 2014-15 and therefore would be applicable this year.
     
  3. thank u sir
     
  4. Mamta Sen

    Mamta Sen New Member

    The benefit on deduction of Interest on Home Loan has been increased to Rs 2,00,000 from Rs 1,50,000 in the case of a Self Occupied House Property. These changes are effective from financial year 01.04.2014-31.03.2015.

    There are many websites which assists over financial issues clearing the user’s confusion. I came across one such site that gave me insight into various Budget highlights. Also for any further deduction query you can refer http://www.finmart.com/sr-it-return-and-advisory.html
     
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