Interest deductions on home loans – Section 24b Introduction Section 24b of the Income Tax Act allows for deducting home loan interest from taxable income. The loan must be taken out for the purchase or construction or repair or rebuilding of homeownership. Therefore, This deduction is allowed on an accrual basis, not for remuneration. In other words, the interest paid for the year is allowed as a deduction regardless of whether the interest was actually paid or not. Download and Prepare at a time 50 Employees Form 16 Part B for the F.Y.2021-22…
Sunday, March 16, 2025
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