Worked Example: Self-occupied home, ₹2.5L interest + ₹1.5L principal
Inputs
- Annual Interest₹2,50,000
- Annual Principal₹1,50,000
- OccupancySelf-occupied
Results
- Section 24(b) Deduction₹2,00,000
- Section 80C (Principal)₹1,50,000
- Total Deduction₹3,50,000
Section 24(b) caps interest deduction at ₹2L for self-occupied property. Principal repayment counts under 80C (₹1.5L cap shared with PPF, ELSS, etc.).
How Home Loan Tax Benefit Calculator Works
Enter annual home loan interest and principal repaid. Section 24(b) allows up to ₹2 lakh interest deduction for self-occupied property. Principal counts under Section 80C (₹1.5L cap shared with PPF, ELSS, etc.).
Frequently Asked Questions
What is the Section 24(b) limit?
₹2 lakh per year for self-occupied property. Let-out property rules differ.
Does principal qualify for 80C?
Yes, principal repayment qualifies under Section 80C within the ₹1.5 lakh overall limit.
Disclaimer
- This calculator gives you an estimate only. It is not a promise of exact results.
- This is general information, not personal financial, tax, or legal advice.
- You are responsible for your own decisions. Talk to a qualified professional when it matters.
- Tax laws change and depend on your income, country, and personal situation.
- Indian tax and government scheme rules can change each financial year. Please confirm with official sources or a chartered accountant (CA).
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