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Section 24 of Income Tax Act
Section 24a allows flat deduction of 30% for calculating income from house property. This is towards repairs and maintenance of the house.
Section 24b of Income Tax Act allows tax deduction on interest payable on home loan. In case the property is self-occupied, this exemption is limited to a maximum of Rs.1,50,000 in a Financial Year. In case the property is let out, the entire interest paid is eligible for deduction.