Interest on borrowed capital

This query is : Resolved

SOUVIK BORAL (Querist)
Follow

31 October 2009 hi!
If a property is partly let-out and partly s/o OR part of the year self occupied and part of the year let out, whether the ceiling limit of 30000 or 150000 will apply u/s 24(b)

if yes, how?

CA Balram Sharma

CA Balram Sharma (Expert)
Follow

31 October 2009 Ceilling limit is applicable for self occupied house property,

so ur using part house as self occupied the limit is applicale to that portion only not for the let out house,

CA Balram Sharma

CA Balram Sharma (Expert)
Follow

31 October 2009 Supose u incurred interest Rs 400,000 for the complete house .

now the intt for the s/o will be 200,000 but allowed only rs. 150,000

for the letout u can claim COMPLETE Rs. 200,0000

Upgrade to CAclubindia Pro. Subscribe Now!

SOUVIK BORAL

SOUVIK BORAL (Querist)
Follow

31 October 2009 THANKS A LOT