08 January 2013
The assessee had purchased an House Property for which he has availed the loan from Bank. The said property is self occupied by him with his family. The old property has been given on rent.
As per the provision of Income Tax Act, if the House is self occupied then the interest can be claimed as deduction u/s 24b to the extent of Rs. 150000/-.
However interest amount is huge, so the balance interest can be claimed against the rental income of the old property let out?
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