Section 24(b) Home Loan Interest Calculator
Calculate tax deduction on home loan interest under Section 24(b) of Income Tax Act.
Calculate Interest Deduction
Section 24(b) Deduction
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Section 24(b) Rules
Self-Occupied Property
Let-Out Property
Pre-Construction Interest
Important Notes
- NOT in New Regime: Section 24(b) deduction for self-occupied property is NOT available in new tax regime
- Joint Owners: Each co-borrower can claim deduction in proportion to their share
- Principal: Principal repayment is under 80C (₹1.5L limit), not 24(b)
- 2nd Home: From AY 2020-21, you can treat any one property as self-occupied; others are deemed let-out
FAQs
For self-occupied property: ₹2,00,000 per year. For let-out property: No limit (entire interest deductible).
No, Section 24(b) deduction for self-occupied property is NOT available in new regime. Only for let-out property, interest can be claimed against rental income.
Interest paid from loan disbursement till possession of property. It can be claimed in 5 equal annual installments starting from the year of possession.
Yes, if both are co-owners and co-borrowers, each can claim up to ₹2 lakh deduction based on their ownership share and EMI payment.
If construction/purchase not completed within 5 years from loan date, the maximum deduction limit reduces from ₹2 lakh to ₹30,000.
Yes, but only one property can be treated as self-occupied. The 2nd property is deemed let-out and you must show notional rent as income (but can claim full interest deduction).
No, principal repayment is under Section 80C (within ₹1.5 lakh limit). Section 24(b) is only for interest portion of EMI.
Interest on repair/renovation loan is deductible but limited to ₹30,000 (not ₹2 lakh), as the ₹2L limit applies only to purchase/construction loans.