Section 24 of the Income Tax Act deals with the deductions available on income from house property. Loss from house property occurs when the deductible expenses (like interest on home loans) exceed the income generated from the property. Under Section 24(b):A deduction of up to ₹2 lakh is allowed for interest paid on a home loan if the property is self-occupied.For rented properties, the entire interest paid can be claimed as a deduction, but the overall set-off of house property loss is limited to ₹2 lakh against other income.