Amount of deduction A deduction for interest payments up to Rs 1,50,000 is available under Section 80EEA. This deduction is over and above the deduction of Rs 2 lakh for interest payments available under Section 24 of the Income Tax Act.
Where does interest show on home loan in ITR?
How do I claim interest deduction under section 80EEA? Tax deduction under section 80EEA is allowed for the first time home buyers for the amount of interest paid towards the home loan under affordable housing scheme. Deduction allowed is Rs. 150,000 during a financial year over and above the deduction of section 24.
Where do I declare interest on home loan?
Deduction for Interest Paid on Housing Loan The interest portion of the EMI paid for the year can be claimed as a deduction from your total income up to a maximum of Rs 2 lakh under Section 24. From Assessment Year 2018-19 onwards, the maximum deduction for interest paid on Self Occupied house property is Rs 2 Lakh.
Can I show home loan interest before possession?
You can claim the interest paid on house loan before possession for a tax deduction, after the construction is complete and the property is ready for occupancy. Once you claim a tax exemption on this interest, you can reclaim this amount in five instalments after the construction is completed.