Deduction of interest on house loan
This query is : Resolved
15 June 2008
Hi,
If an assessee has two houses, one is self occupied and other is rented. Assessee has taken house loans for both the houses seperately and the interest payment in aggreggage exceds Rs 150,000.00
Please advise
Is
(i) Assessee can claim interest for more than 150,000.00
If an assessee has two houses, one is self occupied and other is rented. Assessee has taken house loans for both the houses seperately and the interest payment in aggreggage exceds Rs 150,000.00
Please advise
Is
(i) Assessee can claim interest for more than 150,000.00
16 June 2008
Here assessee can treat one house as self ocuupied and claim the interest deduction with respect to that house at a max of Rs 1.5L. The other house being rented out interest relating to that house can be claimed without any cieling after offering rental income.
16 June 2008
The Ceiling limit of Rs. 1.50 or 30 thouand as the case may be applied only for self occupied house under Sec. 24 and for rented there is no ceiling limit. So you can claim interest for more than 150000/- provided the house is acquired or constructed with capital borrowed on or after the 1st day of April 1999.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Inventory of finished goods
- Tds on building rent monthly
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Sale of property furniture sale
- RCM INVOICING FROM NOV-2024
- Disallowance of Section 43B(h) to sez units
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- GST Regis.
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Confusion around Form 26QB fields
- As per schedule III of balance sheet how to pass journal entry
- Is correct way to find out capital of individual on 31st March
- Individual capital equal to which assets of balance sheet
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
