Question

interest paid by individuals on loan taken from bank​

Answer 1

Explanation:

The maximum tax deduction of Rs 2 lakh is available for The payment of interest on a housing loan. If the interest paid (or payable) is less than Rs 2 lakh, the deduction for the amount will be available. The tax benefit is available even if the loan is taken for repair and reconstruction of the house. This deduction is restricted to Rs 30,000.