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  1. I mean you are talking about interest on Home loans. Max. 1.5 lakhs home loan interest is allowed as deduction for self occupied house/flat. In case of house/flat given on rent, the entire interest paid on home loan will be allowed as deduction. In both the cases, the loss from house property can be set off against income from salary, income from business or profession and income from other sources.

    Naturally the loss from self occupied house cannot exceed more than 1.5 lakhs. At the same time, the loss from house given on rent may exceed 1.5 lakhs depending on the interest paid on home loan. The loss if any can be set off as explained in the above para.