To declare your home loan in Indias income tax returns, first calculate the amount of interest and principal paid during the fiscal year. The principal repayment amount is then deducted from your taxable income under Section 80C, up to a limit of Rs. 1.5 lakhs. Section 24 allows you to deduct interest paid on a self-occupied property up to Rs. 2 lakh. Section 24 allows you to deduct the full amount of interest paid on rented property as a deduction from rental income. Make sure you have all of the necessary loan and property documents, and that you file your income tax return correctly.
