My home loan interest component for FY 2020-21 is 3,01,473.00. Under section 80C of the Income Tax Act, the interest paid is deductible up to Rs 2 lakh per annum under section 24. But if the house is rented can we get benefit above 2 lakh? If yes, let me know how to claim it.
Ans: From AY 2018-19, set off of losses due to let out property interest is restricted to Rs 2 lakh, in line with that of a self-occupied property.