Exemption Limit of Interest on Housing Property

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Ratheesh (Querist)
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23 December 2020 Hi Sir,

What is the maximum Exemption limit for Interest on Housing Property if property is Self Occupied and Let out Property in FY 2020-21.

Please clarify

Thanks & Regards
Ratheesh

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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27 December 2020 You can claim maximum deduction 200000 under section 24(b)

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Ratheesh

Ratheesh (Querist)
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07 January 2021 Thank you Sir for your reply.

If Property is Let out, then also Maximum Limit is 200000 ?

Thanks & Regards
Ratheesh

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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02 October 2021 For let out property, there is no limit for interest deduction. But there is cap for loss adjustment from IFHP with any other income; which is 2 lakhs.