11 February 2011
Anyone please answer the following qyery: If some one has two house for which housing loan is taken from bank, one is used as self occupied and another is as let out property. The person in current financial year paid the amount regarding principal payment as well for interest for both the loans. My question is whether he can claim both the principal amount paid under 80c, and interest amount of both the loans u/s 24 of income tax act, and if yes what will be deduction u/s 24? will it be 150000 or 300000?
11 February 2011
For Self-Occupied:- Yes deduction u/s 80C is allowed and Interest is allowed only upto Rs. 1,50,000 on fulfillment of certain conditions.
For Let-Out Property:- Section 80C is allowed and Interest is allowed without any limit.
it is not clear plz explain little bit. Actualy if we go with only section 24b and give both the interest loss in that section only then later how can we sagrigate both the interest saperately.
CAclubindia
