Housing Loan Interest Deduction – Section 24B | With Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E for the F.Y.2022-23

Housing Loan Interest Deduction – Section 24B| Section 24b of the Income Tax Act allows for the  deduction of interest on mortgage loans from taxable income. The said loan must be taken for the  purchase or construction or repair or reconstruction of residential property. Therefore, This deduction is allowed on an accrual basis, not the payment. In other words, interest due for the year is allowed as a deduction whether or not it is paid. The deduction may be claimed for two or more home loans. The deduction may also be claimed for…