{"id":786,"date":"2023-06-08T11:59:12","date_gmt":"2023-06-08T11:59:12","guid":{"rendered":"https:\/\/vibrantfinserv.com\/kb\/?p=786"},"modified":"2024-09-27T10:58:01","modified_gmt":"2024-09-27T10:58:01","slug":"what-is-section-24-of-income-tax-act","status":"publish","type":"post","link":"https:\/\/vibrantfinserv.com\/kb\/what-is-section-24-of-income-tax-act\/","title":{"rendered":"What is Section 24 of Income Tax Act?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/vibrantfinserv.com\/kb\/what-is-section-24-of-income-tax-act\/#What_is_Section_24_of_Income_Tax_Act\" >What is Section 24 of Income Tax Act?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/vibrantfinserv.com\/kb\/what-is-section-24-of-income-tax-act\/#Eligibility\" >Eligibility:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/vibrantfinserv.com\/kb\/what-is-section-24-of-income-tax-act\/#Deduction_for_self-occupied_property\" >Deduction for self-occupied property:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/vibrantfinserv.com\/kb\/what-is-section-24-of-income-tax-act\/#Deduction_for_rented_out_property\" >Deduction for rented out property:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/vibrantfinserv.com\/kb\/what-is-section-24-of-income-tax-act\/#Availability_of_deduction\" >Availability of deduction:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/vibrantfinserv.com\/kb\/what-is-section-24-of-income-tax-act\/#Co-ownership\" >Co-ownership:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/vibrantfinserv.com\/kb\/what-is-section-24-of-income-tax-act\/#FAQs\" >FAQs:<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/vibrantfinserv.com\/kb\/what-is-section-24-of-income-tax-act\/#For_further_details_access_our_website_https_vibrantfinservcom\" >For further details access our website: https:\/\/vibrantfinserv.com<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"What_is_Section_24_of_Income_Tax_Act\"><\/span><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-18 alignleft\" src=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/05\/Logo-Vibrant-FinServ-300x143.png\" alt=\"\" width=\"101\" height=\"48\" srcset=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/05\/Logo-Vibrant-FinServ-300x143.png 300w, https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/05\/Logo-Vibrant-FinServ.png 482w\" sizes=\"auto, (max-width: 101px) 100vw, 101px\" \/><br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignright\" src=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/06\/Section-24.png\" alt=\"Section 24\" width=\"204\" height=\"102\" \/>What is Section 24 of Income Tax Act?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Section 24 of the Income Tax Act is related to the deduction of interest on home loans for taxpayers who own a house property. The section provides for two types of deductions - a deduction of up to Rs. 2 lakh for interest paid on a self-occupied property and a deduction of actual interest paid (with no upper limit) for a rented out property.\\n \\n Here are the key points to know about Section 24 of the Income Tax Act:\\n \\n Eligibility: Section 24 is applicable to all individual taxpayers who own a house property and have taken a home loan to finance it.\\n \\n Deduction for self-occupied property: For a self-occupied property, taxpayers can claim a deduction of up to Rs. 2 lakh per year for the interest paid on the home loan.\\n \\n Deduction for rented out property: For a rented out property, taxpayers can claim a deduction for the actual interest paid on the home loan, with no upper limit on the deduction.\\n \\n Availability of deduction: The deduction under Section 24 is available only if the construction of the house property is completed within 5 years from the end of the financial year in which the loan was taken.\\n \\n Co-ownership: If the property is owned jointly, each co-owner can claim a deduction for the interest paid on the home loan in proportion to their ownership share in the property.\\n \\n In summary, Section 24 of the Income Tax Act provides for a deduction of interest paid on home loans for taxpayers who own a house property. The deduction is subject to certain conditions and limits, and the availability of the deduction depends on whether the property is self-occupied or rented out.&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:15235,&quot;3&quot;:{&quot;1&quot;:0},&quot;4&quot;:{&quot;1&quot;:2,&quot;2&quot;:65280},&quot;10&quot;:2,&quot;11&quot;:4,&quot;12&quot;:0,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri, sans-serif&quot;,&quot;16&quot;:10}\">Section 24 of the Income Tax Act is relate to the deduction of interest on home loans for taxpayers who own a house property. <\/span><\/p>\n<p><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Section 24 of the Income Tax Act is related to the deduction of interest on home loans for taxpayers who own a house property. The section provides for two types of deductions - a deduction of up to Rs. 2 lakh for interest paid on a self-occupied property and a deduction of actual interest paid (with no upper limit) for a rented out property.\\n \\n Here are the key points to know about Section 24 of the Income Tax Act:\\n \\n Eligibility: Section 24 is applicable to all individual taxpayers who own a house property and have taken a home loan to finance it.\\n \\n Deduction for self-occupied property: For a self-occupied property, taxpayers can claim a deduction of up to Rs. 2 lakh per year for the interest paid on the home loan.\\n \\n Deduction for rented out property: For a rented out property, taxpayers can claim a deduction for the actual interest paid on the home loan, with no upper limit on the deduction.\\n \\n Availability of deduction: The deduction under Section 24 is available only if the construction of the house property is completed within 5 years from the end of the financial year in which the loan was taken.\\n \\n Co-ownership: If the property is owned jointly, each co-owner can claim a deduction for the interest paid on the home loan in proportion to their ownership share in the property.\\n \\n In summary, Section 24 of the Income Tax Act provides for a deduction of interest paid on home loans for taxpayers who own a house property. The deduction is subject to certain conditions and limits, and the availability of the deduction depends on whether the property is self-occupied or rented out.&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:15235,&quot;3&quot;:{&quot;1&quot;:0},&quot;4&quot;:{&quot;1&quot;:2,&quot;2&quot;:65280},&quot;10&quot;:2,&quot;11&quot;:4,&quot;12&quot;:0,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri, sans-serif&quot;,&quot;16&quot;:10}\">The section provides for two types of deductions &#8211; a deduction of up to Rs. 2 lakh for interest paid on a self-occupied property and a deduction of actual interest paid (with no upper limit) for a rented out property.<\/span><\/p>\n<p><strong>Here are the key points to know about Section 24 of the Income Tax Act:<\/strong><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Eligibility\"><\/span>Eligibility:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"padding-left: 40px;\">Section 24 is applicable to all individual taxpayers who own a house property and have taken a home loan to finance it.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Deduction_for_self-occupied_property\"><\/span>Deduction for self-occupied property:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"padding-left: 40px;\">For a self-occupied property, taxpayers can claim a deduction of up to Rs. 2 lakh per year for the interest paid on the home loan.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Deduction_for_rented_out_property\"><\/span>Deduction for rented out property:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"padding-left: 40px;\">For a rented out property, taxpayers can claim a deduction for the actual interest paid on the home loan.<\/p>\n<p style=\"padding-left: 40px;\">With no upper limit on the deduction.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Availability_of_deduction\"><\/span>Availability of deduction:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"padding-left: 40px;\">The deduction under Section 24 is available only if the construction of the house property is complete within 5 years.<\/p>\n<p style=\"padding-left: 40px;\">From the end of the financial year in which the loan was taken.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Co-ownership\"><\/span>Co-ownership:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"padding-left: 40px;\">If the property is own jointly, each co-owner can claim a deduction for the interest paid on the home loan in proportion to their ownership share in the property.<\/p>\n<p>&nbsp;<\/p>\n<p>In summary, Section 24 of the Income Tax Act provides for a deduction of interest paid on home loans for taxpayers who own a house property. The deduction is subject to certain conditions and limits.<\/p>\n<p>And the availability of the deduction depends on whether the property is self-occupy or rented out.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"FAQs\"><\/span>FAQs:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"flex-1 overflow-hidden\">\n<div class=\"h-full\">\n<div class=\"react-scroll-to-bottom--css-debad-79elbk h-full\">\n<div class=\"react-scroll-to-bottom--css-debad-1n7m0yu\">\n<div class=\"flex flex-col text-sm md:pb-9\">\n<article class=\"w-full text-token-text-primary focus-visible:outline-2 focus-visible:outline-offset-[-4px]\" dir=\"auto\" data-testid=\"conversation-turn-3\" data-scroll-anchor=\"true\">\n<div class=\"text-base py-[18px] px-3 md:px-4 m-auto w-full md:px-5 lg:px-4 xl:px-5\">\n<div class=\"mx-auto flex flex-1 gap-4 text-base md:gap-5 lg:gap-6 md:max-w-3xl lg:max-w-[40rem] xl:max-w-[48rem]\">\n<div class=\"group\/conversation-turn relative flex w-full min-w-0 flex-col agent-turn\">\n<div class=\"flex-col gap-1 md:gap-3\">\n<div class=\"flex max-w-full flex-col flex-grow\">\n<div class=\"min-h-8 text-message flex w-full flex-col items-end gap-2 whitespace-normal break-words [.text-message+&amp;]:mt-5\" dir=\"auto\" data-message-author-role=\"assistant\" data-message-id=\"8e5ee02f-bf14-4013-9840-a7e3cc3e1ed3\">\n<div class=\"flex w-full flex-col gap-1 empty:hidden first:pt-[3px]\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<ol>\n<li><strong>What is Section 24 of the Income Tax Act?<\/strong><br \/>\nSection 24 provides tax deductions on the interest paid on home loans under the &#8220;Income from House Property&#8221; category.<\/li>\n<li><strong>What deductions are allowed under Section 24(b)?<\/strong><br \/>\nYou can claim up to \u20b92 lakh as a deduction on home loan interest for a self-occupy property.<\/li>\n<li><strong>Is the \u20b92 lakh deduction available for rented properties under Section 24?<\/strong><br \/>\nYes, the entire interest paid on a loan for a rent property can be claim as a deduction.<\/li>\n<li><strong>Can I claim a deduction for interest paid during the pre-construction period?<\/strong><br \/>\nYes, pre-construction interest can be claim in five equal installments starting from the year construction is complete.<\/li>\n<li><strong>Is there a deduction for principal repayment under Section 24?<\/strong><br \/>\nNo, Section 24 covers only the interest on the home loan. Principal repayment is covered under Section 80C.<\/li>\n<li><strong>Can I claim a deduction for multiple properties under Section 24?<\/strong><br \/>\nYes, deductions can be claimed for interest paid on loans for multiple properties, but the limit of \u20b92 lakh applies to self-occupy properties.<\/li>\n<li><strong>What happens if my home is still under construction?<\/strong><br \/>\nInterest paid during the construction phase can be claim in five installments after completion, but only if construction is completed within five years.<\/li>\n<li><strong>Is Section 24 available for a second home?<\/strong><br \/>\nYes, for a second home, the entire interest on the loan can be deduct, though rental income is taxed.<\/li>\n<li><strong>What is the maximum deduction for self-occupied property under Section 24(b)?<\/strong><br \/>\nThe maximum deduction is \u20b92 lakh per financial year for a self-occupied property.<\/li>\n<li><strong>Can co-borrowers both claim a deduction under Section 24?<\/strong><br \/>\nYes, if both are co-owners and co-borrowers, they can each claim deductions up to \u20b92 lakh on interest, proportionate to their share in the property.<\/li>\n<\/ol>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"mb-2 flex gap-3 empty:hidden -ml-2\">\n<div class=\"items-center justify-start rounded-xl p-1 flex\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<p><strong>To Visit: <a href=\"https:\/\/www.incometax.gov.in\">https:\/\/www.incometax.gov.in<\/a><\/strong><\/p>\n<h4 style=\"text-align: left;\"><span class=\"ez-toc-section\" id=\"For_further_details_access_our_website_https_vibrantfinservcom\"><\/span><img loading=\"lazy\" decoding=\"async\" class=\"alignright\" src=\"https:\/\/encrypted-tbn0.gstatic.com\/images?q=tbn:ANd9GcTzjrO5WRT-pNMxsYv8aXP6e9vcm8NtjTuyOaTedLWExAmeTYe5sr-PbHz5WtKvq8ua18XhbvNpnjs&amp;usqp=CAU&amp;ec=48600113\" alt=\"Section 24 of Income Tax Act - Fincash\" width=\"203\" height=\"135\" \/><br \/>\nFor further details access our website: <a href=\"https:\/\/vibrantfinserv.com\">https:\/\/vibrantfinserv.com<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p style=\"text-align: center;\">\n","protected":false},"excerpt":{"rendered":"<p>What is Section 24 of Income Tax Act? Section 24 of the Income Tax Act is relate to the deduction of interest on home loans for taxpayers who own a house property. The section provides for two types of deductions &#8211; a deduction of up to Rs. 2 lakh for interest paid on a self-occupied\u2026 <span class=\"read-more\"><a href=\"https:\/\/vibrantfinserv.com\/kb\/what-is-section-24-of-income-tax-act\/\">Read More &raquo;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":4912,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1459],"tags":[1208,5117,10550,10693,1140,559,4808,4038,4054,1567,217,4024,2577,3181,4805,22331,49158,49150,1785,49156,49144,49148,49159,49152,42492,49146,49147,49154,49160,882,704,4822,1360,5870,5850,4820,4681,49145,3928,34039,8802,317,22310,1786,49157,49153,8825,47657,49142,4665,7921,11131,2012,735,1563,1858,21197,24274,1664,46662,6696,243,16269,2216,22503,11128,24891,314,49151,24180,569,1645,858,4899,6704,4876,23688,524,7902,7899,355,4860,713,7619,1894,1741,49155,1238,1628,49149,2148,17088,376,24306,7442,7457,7478,436,49143,1725,1285],"class_list":["post-786","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-account-finance","tag-assetmanagement","tag-budgeting","tag-economicempowerment","tag-finance101","tag-financetips","tag-financialadvice","tag-financialeducation","tag-financialfreedom","tag-financialgoals","tag-financialliteracy","tag-financialplanning","tag-financialsecurity","tag-financialsuccess","tag-financialwellness","tag-fiscalresponsibility","tag-homebuyers","tag-homebuyertips","tag-homeequity","tag-homeloanbenefits","tag-homeloanbenefitsexplained","tag-homeloaninterest","tag-homeloantaxbenefit","tag-homeloantaxdeduction","tag-homeloantips","tag-homeownership","tag-homeownershipbenefits","tag-homeownershipgoals","tag-homeownershipinvestment","tag-homeownershiptaxbenefits","tag-incometax","tag-incometaxact","tag-incometaxbenefits","tag-incometaxdeductions","tag-investmentplanning","tag-investmentstrategies","tag-investmenttips","tag-moneymatters","tag-mortgageinterest","tag-personalfinance","tag-propertyinvesting","tag-propertyinvestment","tag-propertyownership","tag-propertytax","tag-propertytaxbenefits","tag-propertytaxdeduction","tag-propertytaxsavings","tag-realestateinvesting","tag-realestatetax","tag-section24explanation","tag-smartinvesting","tag-taxableassets","tag-taxableearnings","tag-taxableincome","tag-taxadvice","tag-taxation","tag-taxationsystem","tag-taxawareness","tag-taxawarenessmonth","tag-taxbenefits","tag-taxbenefitsexplained","tag-taxbreaks","tag-taxcompliance","tag-taxconsultant","tag-taxcredits","tag-taxdeductible","tag-taxdeductibleexpenses","tag-taxdeductionlimits","tag-taxdeductions","tag-taxdeductionsexplained","tag-taxdeductionslist","tag-taxefficiency","tag-taxexemption","tag-taxfiling","tag-taximpact","tag-taxknowledge","tag-taxlaws","tag-taxlawsexplained","tag-taxliabilities","tag-taxpayers","tag-taxplanner","tag-taxplanning","tag-taxpolicies","tag-taxpreparation","tag-taxprovisions","tag-taxreforms","tag-taxrefund","tag-taxrefunds2024","tag-taxregulations","tag-taxrelief","tag-taxreliefs","tag-taxreturns","tag-taxreturns2024","tag-taxsavings","tag-taxsavingsplan","tag-taxseason","tag-taxtime","tag-taxtime2024","tag-taxtips","tag-understandingsection24","tag-wealthbuilding","tag-wealthmanagement"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What is Section 24 of Income Tax Act? \/ Article \/ VibrantFnserv -<\/title>\n<meta name=\"description\" content=\"Section 24 of the Income Tax Act is related to the deduction of interest on home loans for taxpayers who own a house property. -\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/vibrantfinserv.com\/kb\/what-is-section-24-of-income-tax-act\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is Section 24 of Income Tax Act? \/ Article \/ VibrantFnserv -\" \/>\n<meta property=\"og:description\" content=\"Section 24 of the Income Tax Act is related to the deduction of interest on home loans for taxpayers who own a house property. -\" \/>\n<meta property=\"og:url\" content=\"https:\/\/vibrantfinserv.com\/kb\/what-is-section-24-of-income-tax-act\/\" \/>\n<meta property=\"og:site_name\" content=\"Knowledge Base | Vibrant Finserv\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-08T11:59:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-27T10:58:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/06\/Section-24.png\" \/>\n\t<meta property=\"og:image:width\" content=\"400\" \/>\n\t<meta property=\"og:image:height\" content=\"200\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"kbadmin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"kbadmin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/vibrantfinserv.com\/kb\/what-is-section-24-of-income-tax-act\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/vibrantfinserv.com\/kb\/what-is-section-24-of-income-tax-act\/\"},\"author\":{\"name\":\"kbadmin\",\"@id\":\"https:\/\/vibrantfinserv.com\/kb\/#\/schema\/person\/51e4fe2a2fecbd55efb5d87c1afe5345\"},\"headline\":\"What is Section 24 of Income Tax Act?\",\"datePublished\":\"2023-06-08T11:59:12+00:00\",\"dateModified\":\"2024-09-27T10:58:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/vibrantfinserv.com\/kb\/what-is-section-24-of-income-tax-act\/\"},\"wordCount\":582,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/vibrantfinserv.com\/kb\/#organization\"},\"image\":{\"@id\":\"https:\/\/vibrantfinserv.com\/kb\/what-is-section-24-of-income-tax-act\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/06\/Section-24.png\",\"keywords\":[\"#AssetManagement\",\"#Budgeting\",\"#EconomicEmpowerment\",\"#Finance101\",\"#FinanceTips\",\"#FinancialAdvice\",\"#FinancialEducation\",\"#FinancialFreedom\",\"#FinancialGoals\",\"#FinancialLiteracy\",\"#FinancialPlanning\",\"#FinancialSecurity\",\"#FinancialSuccess\",\"#FinancialWellness\",\"#FiscalResponsibility\",\"#HomeBuyers\",\"#HomeBuyerTips\",\"#HomeEquity\",\"#HomeLoanBenefits\",\"#HomeLoanBenefitsExplained\",\"#HomeLoanInterest\",\"#HomeLoanTaxBenefit\",\"#HomeLoanTaxDeduction\",\"#HomeLoanTips\",\"#HomeOwnership\",\"#HomeOwnershipBenefits\",\"#HomeOwnershipGoals\",\"#HomeOwnershipInvestment\",\"#HomeOwnershipTaxBenefits\",\"#IncomeTax\",\"#IncomeTaxAct\",\"#IncomeTaxBenefits\",\"#IncomeTaxDeductions\",\"#InvestmentPlanning\",\"#InvestmentStrategies\",\"#InvestmentTips\",\"#MoneyMatters\",\"#MortgageInterest\",\"#PersonalFinance\",\"#PropertyInvesting\",\"#PropertyInvestment\",\"#PropertyOwnership\",\"#PropertyTax\",\"#PropertyTaxBenefits\",\"#PropertyTaxDeduction\",\"#PropertyTaxSavings\",\"#RealEstateInvesting\",\"#RealEstateTax\",\"#Section24Explanation\",\"#SmartInvesting\",\"#TaxableAssets\",\"#TaxableEarnings\",\"#TaxableIncome\",\"#TaxAdvice\",\"#Taxation\",\"#TaxationSystem\",\"#TaxAwareness\",\"#TaxAwarenessMonth\",\"#TaxBenefits\",\"#TaxBenefitsExplained\",\"#Taxbreaks\",\"#TaxCompliance\",\"#TaxConsultant\",\"#TaxCredits\",\"#TaxDeductible\",\"#TaxDeductibleExpenses\",\"#TaxDeductionLimits\",\"#TaxDeductions\",\"#TaxDeductionsExplained\",\"#TaxDeductionsList\",\"#TaxEfficiency\",\"#TaxExemption\",\"#TaxFiling\",\"#TaxImpact\",\"#Taxknowledge\",\"#TaxLaws\",\"#TaxLawsExplained\",\"#TaxLiabilities\",\"#TaxPayers\",\"#TaxPlanner\",\"#TaxPlanning\",\"#TaxPolicies\",\"#TaxPreparation\",\"#TaxProvisions\",\"#TaxReforms\",\"#TaxRefund\",\"#TaxRefunds2024\",\"#TaxRegulations\",\"#TaxRelief\",\"#TaxReliefs\",\"#TaxReturns\",\"#TaxReturns2024\",\"#TaxSavings\",\"#TaxSavingsPlan\",\"#TaxSeason\",\"#TaxTime\",\"#TaxTime2024\",\"#TaxTips\",\"#UnderstandingSection24\",\"#WealthBuilding\",\"#WealthManagement\"],\"articleSection\":[\"Accounting &amp; Finance\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/vibrantfinserv.com\/kb\/what-is-section-24-of-income-tax-act\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/vibrantfinserv.com\/kb\/what-is-section-24-of-income-tax-act\/\",\"url\":\"https:\/\/vibrantfinserv.com\/kb\/what-is-section-24-of-income-tax-act\/\",\"name\":\"What is Section 24 of Income Tax Act? \/ Article \/ VibrantFnserv -\",\"isPartOf\":{\"@id\":\"https:\/\/vibrantfinserv.com\/kb\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/vibrantfinserv.com\/kb\/what-is-section-24-of-income-tax-act\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/vibrantfinserv.com\/kb\/what-is-section-24-of-income-tax-act\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/06\/Section-24.png\",\"datePublished\":\"2023-06-08T11:59:12+00:00\",\"dateModified\":\"2024-09-27T10:58:01+00:00\",\"description\":\"Section 24 of the Income Tax Act is related to the deduction of interest on home loans for taxpayers who own a house property. -\",\"breadcrumb\":{\"@id\":\"https:\/\/vibrantfinserv.com\/kb\/what-is-section-24-of-income-tax-act\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/vibrantfinserv.com\/kb\/what-is-section-24-of-income-tax-act\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/vibrantfinserv.com\/kb\/what-is-section-24-of-income-tax-act\/#primaryimage\",\"url\":\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/06\/Section-24.png\",\"contentUrl\":\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/06\/Section-24.png\",\"width\":400,\"height\":200,\"caption\":\"Section 24\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/vibrantfinserv.com\/kb\/what-is-section-24-of-income-tax-act\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/vibrantfinserv.com\/kb\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"What is Section 24 of Income Tax Act?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/vibrantfinserv.com\/kb\/#website\",\"url\":\"https:\/\/vibrantfinserv.com\/kb\/\",\"name\":\"Knowledge Base | Vibrant Finserv\",\"description\":\"Your success, our passion !!\",\"publisher\":{\"@id\":\"https:\/\/vibrantfinserv.com\/kb\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/vibrantfinserv.com\/kb\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/vibrantfinserv.com\/kb\/#organization\",\"name\":\"Knowledge Base | Vibrant Finserv\",\"url\":\"https:\/\/vibrantfinserv.com\/kb\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/vibrantfinserv.com\/kb\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2025\/04\/logo.jpg\",\"contentUrl\":\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2025\/04\/logo.jpg\",\"width\":200,\"height\":95,\"caption\":\"Knowledge Base | Vibrant Finserv\"},\"image\":{\"@id\":\"https:\/\/vibrantfinserv.com\/kb\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/vibrantfinserv.com\/kb\/#\/schema\/person\/51e4fe2a2fecbd55efb5d87c1afe5345\",\"name\":\"kbadmin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/vibrantfinserv.com\/kb\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/3a13255b04334420c1e5998f8a775bdef7b1395bf244de67e7a3e44010893e4c?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/3a13255b04334420c1e5998f8a775bdef7b1395bf244de67e7a3e44010893e4c?s=96&d=mm&r=g\",\"caption\":\"kbadmin\"},\"sameAs\":[\"https:\/\/vibrantfinserv.com\/kb\"],\"url\":\"https:\/\/vibrantfinserv.com\/kb\/author\/kbadmin\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"What is Section 24 of Income Tax Act? \/ Article \/ VibrantFnserv -","description":"Section 24 of the Income Tax Act is related to the deduction of interest on home loans for taxpayers who own a house property. -","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/vibrantfinserv.com\/kb\/what-is-section-24-of-income-tax-act\/","og_locale":"en_US","og_type":"article","og_title":"What is Section 24 of Income Tax Act? \/ Article \/ VibrantFnserv -","og_description":"Section 24 of the Income Tax Act is related to the deduction of interest on home loans for taxpayers who own a house property. -","og_url":"https:\/\/vibrantfinserv.com\/kb\/what-is-section-24-of-income-tax-act\/","og_site_name":"Knowledge Base | Vibrant Finserv","article_published_time":"2023-06-08T11:59:12+00:00","article_modified_time":"2024-09-27T10:58:01+00:00","og_image":[{"width":400,"height":200,"url":"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/06\/Section-24.png","type":"image\/png"}],"author":"kbadmin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"kbadmin","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/vibrantfinserv.com\/kb\/what-is-section-24-of-income-tax-act\/#article","isPartOf":{"@id":"https:\/\/vibrantfinserv.com\/kb\/what-is-section-24-of-income-tax-act\/"},"author":{"name":"kbadmin","@id":"https:\/\/vibrantfinserv.com\/kb\/#\/schema\/person\/51e4fe2a2fecbd55efb5d87c1afe5345"},"headline":"What is Section 24 of Income Tax Act?","datePublished":"2023-06-08T11:59:12+00:00","dateModified":"2024-09-27T10:58:01+00:00","mainEntityOfPage":{"@id":"https:\/\/vibrantfinserv.com\/kb\/what-is-section-24-of-income-tax-act\/"},"wordCount":582,"commentCount":0,"publisher":{"@id":"https:\/\/vibrantfinserv.com\/kb\/#organization"},"image":{"@id":"https:\/\/vibrantfinserv.com\/kb\/what-is-section-24-of-income-tax-act\/#primaryimage"},"thumbnailUrl":"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/06\/Section-24.png","keywords":["#AssetManagement","#Budgeting","#EconomicEmpowerment","#Finance101","#FinanceTips","#FinancialAdvice","#FinancialEducation","#FinancialFreedom","#FinancialGoals","#FinancialLiteracy","#FinancialPlanning","#FinancialSecurity","#FinancialSuccess","#FinancialWellness","#FiscalResponsibility","#HomeBuyers","#HomeBuyerTips","#HomeEquity","#HomeLoanBenefits","#HomeLoanBenefitsExplained","#HomeLoanInterest","#HomeLoanTaxBenefit","#HomeLoanTaxDeduction","#HomeLoanTips","#HomeOwnership","#HomeOwnershipBenefits","#HomeOwnershipGoals","#HomeOwnershipInvestment","#HomeOwnershipTaxBenefits","#IncomeTax","#IncomeTaxAct","#IncomeTaxBenefits","#IncomeTaxDeductions","#InvestmentPlanning","#InvestmentStrategies","#InvestmentTips","#MoneyMatters","#MortgageInterest","#PersonalFinance","#PropertyInvesting","#PropertyInvestment","#PropertyOwnership","#PropertyTax","#PropertyTaxBenefits","#PropertyTaxDeduction","#PropertyTaxSavings","#RealEstateInvesting","#RealEstateTax","#Section24Explanation","#SmartInvesting","#TaxableAssets","#TaxableEarnings","#TaxableIncome","#TaxAdvice","#Taxation","#TaxationSystem","#TaxAwareness","#TaxAwarenessMonth","#TaxBenefits","#TaxBenefitsExplained","#Taxbreaks","#TaxCompliance","#TaxConsultant","#TaxCredits","#TaxDeductible","#TaxDeductibleExpenses","#TaxDeductionLimits","#TaxDeductions","#TaxDeductionsExplained","#TaxDeductionsList","#TaxEfficiency","#TaxExemption","#TaxFiling","#TaxImpact","#Taxknowledge","#TaxLaws","#TaxLawsExplained","#TaxLiabilities","#TaxPayers","#TaxPlanner","#TaxPlanning","#TaxPolicies","#TaxPreparation","#TaxProvisions","#TaxReforms","#TaxRefund","#TaxRefunds2024","#TaxRegulations","#TaxRelief","#TaxReliefs","#TaxReturns","#TaxReturns2024","#TaxSavings","#TaxSavingsPlan","#TaxSeason","#TaxTime","#TaxTime2024","#TaxTips","#UnderstandingSection24","#WealthBuilding","#WealthManagement"],"articleSection":["Accounting &amp; Finance"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/vibrantfinserv.com\/kb\/what-is-section-24-of-income-tax-act\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/vibrantfinserv.com\/kb\/what-is-section-24-of-income-tax-act\/","url":"https:\/\/vibrantfinserv.com\/kb\/what-is-section-24-of-income-tax-act\/","name":"What is Section 24 of Income Tax Act? \/ Article \/ VibrantFnserv -","isPartOf":{"@id":"https:\/\/vibrantfinserv.com\/kb\/#website"},"primaryImageOfPage":{"@id":"https:\/\/vibrantfinserv.com\/kb\/what-is-section-24-of-income-tax-act\/#primaryimage"},"image":{"@id":"https:\/\/vibrantfinserv.com\/kb\/what-is-section-24-of-income-tax-act\/#primaryimage"},"thumbnailUrl":"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/06\/Section-24.png","datePublished":"2023-06-08T11:59:12+00:00","dateModified":"2024-09-27T10:58:01+00:00","description":"Section 24 of the Income Tax Act is related to the deduction of interest on home loans for taxpayers who own a house property. -","breadcrumb":{"@id":"https:\/\/vibrantfinserv.com\/kb\/what-is-section-24-of-income-tax-act\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/vibrantfinserv.com\/kb\/what-is-section-24-of-income-tax-act\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/vibrantfinserv.com\/kb\/what-is-section-24-of-income-tax-act\/#primaryimage","url":"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/06\/Section-24.png","contentUrl":"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/06\/Section-24.png","width":400,"height":200,"caption":"Section 24"},{"@type":"BreadcrumbList","@id":"https:\/\/vibrantfinserv.com\/kb\/what-is-section-24-of-income-tax-act\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/vibrantfinserv.com\/kb\/"},{"@type":"ListItem","position":2,"name":"What is Section 24 of Income Tax Act?"}]},{"@type":"WebSite","@id":"https:\/\/vibrantfinserv.com\/kb\/#website","url":"https:\/\/vibrantfinserv.com\/kb\/","name":"Knowledge Base | Vibrant Finserv","description":"Your success, our passion !!","publisher":{"@id":"https:\/\/vibrantfinserv.com\/kb\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/vibrantfinserv.com\/kb\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/vibrantfinserv.com\/kb\/#organization","name":"Knowledge Base | Vibrant Finserv","url":"https:\/\/vibrantfinserv.com\/kb\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/vibrantfinserv.com\/kb\/#\/schema\/logo\/image\/","url":"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2025\/04\/logo.jpg","contentUrl":"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2025\/04\/logo.jpg","width":200,"height":95,"caption":"Knowledge Base | Vibrant Finserv"},"image":{"@id":"https:\/\/vibrantfinserv.com\/kb\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/vibrantfinserv.com\/kb\/#\/schema\/person\/51e4fe2a2fecbd55efb5d87c1afe5345","name":"kbadmin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/vibrantfinserv.com\/kb\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/3a13255b04334420c1e5998f8a775bdef7b1395bf244de67e7a3e44010893e4c?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/3a13255b04334420c1e5998f8a775bdef7b1395bf244de67e7a3e44010893e4c?s=96&d=mm&r=g","caption":"kbadmin"},"sameAs":["https:\/\/vibrantfinserv.com\/kb"],"url":"https:\/\/vibrantfinserv.com\/kb\/author\/kbadmin\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/vibrantfinserv.com\/kb\/wp-json\/wp\/v2\/posts\/786","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vibrantfinserv.com\/kb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vibrantfinserv.com\/kb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vibrantfinserv.com\/kb\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/vibrantfinserv.com\/kb\/wp-json\/wp\/v2\/comments?post=786"}],"version-history":[{"count":7,"href":"https:\/\/vibrantfinserv.com\/kb\/wp-json\/wp\/v2\/posts\/786\/revisions"}],"predecessor-version":[{"id":25019,"href":"https:\/\/vibrantfinserv.com\/kb\/wp-json\/wp\/v2\/posts\/786\/revisions\/25019"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vibrantfinserv.com\/kb\/wp-json\/wp\/v2\/media\/4912"}],"wp:attachment":[{"href":"https:\/\/vibrantfinserv.com\/kb\/wp-json\/wp\/v2\/media?parent=786"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vibrantfinserv.com\/kb\/wp-json\/wp\/v2\/categories?post=786"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vibrantfinserv.com\/kb\/wp-json\/wp\/v2\/tags?post=786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}