House loan interest rebate
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 June 2014
DEAR SIR,
My query is-
If a salary person take home loan on 2nd home & he pay RS-180000/- interest on both home loan.
He also declare Rental income in Income also.
Can he get interest rebate above 1.5 LAC.
Example- INTEREST PAID-180000/-
Rent received annually -Rs-18000/-
Pls reply
Manoj Jain
My query is-
If a salary person take home loan on 2nd home & he pay RS-180000/- interest on both home loan.
He also declare Rental income in Income also.
Can he get interest rebate above 1.5 LAC.
Example- INTEREST PAID-180000/-
Rent received annually -Rs-18000/-
Pls reply
Manoj Jain
07 June 2014
IF THE HOUSE IS RENTED OUT YOU CAN DEDUCT THE FULL INTEREST PAID ON HOUSING LOAN.
LIMIT OF RS. 1,50,000 ONLY ON SELF OCCUPIED HOUSE.
LIMIT OF RS. 1,50,000 ONLY ON SELF OCCUPIED HOUSE.
07 June 2014
if house is let out then you can claim deduction u/s 24(b) without any limit of intt.
Rs. 150000/- intt limit for self occupied house only.
Rs. 150000/- intt limit for self occupied house only.
07 June 2014
limit of 1,50,000 applies only to self occupied house and int is fully deducitble for non self occupied houses owned and let out.
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
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- GST ON EXPORT COMMISSION
- Should I report my US salary for January, February, March in Schedule FA?
- RCM INVOICING FROM NOV-2024
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
- BUYING PROPERTY COULD NOT FILE 26QB
- Gst input for FY 23-24
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
Trending Online Classes
CAclubindia
