Unfortunately, the provisions of the act are different when it comes to allowing the tax deduction for a self-occupied property and a let-out property. Budget 2017 has capped the set-off of house property loss against any other income at Rs 2 lakhs in a financial year. Both of these deductions are not available for self-occupied house property. This interest amount is restricted to 2 lakh in case of self-occupied property. They take a housing loan of Rs 58 lakhs and are paying annual interest of Rs 5 lakhs.

Source: Economic Times January 27, 2018 11:15 UTC