Interest on Housing Loan
This query is : Resolved
25 January 2011
A person is having 2 houses. He lives in one house & the other one is vacant/let out. He has taken housing loan on both the houses. 1. Can he claim deduction of interest u/s 24b for both the houses?
2. If yes, what is the limit?
3. If no, then on which house can he claim deduction?
4. What shall be the tax effect of principal portion repayment u/s 80C?
2. If yes, what is the limit?
3. If no, then on which house can he claim deduction?
4. What shall be the tax effect of principal portion repayment u/s 80C?
25 January 2011
1. he may claim deduction of interest u/s 24b for both houses irrespective of vacancy/letting position of the second house; however in case, if any or both houses are let out he has to take rent income in his return.
2. the limit u/s 24b is Rs. 1.5 lacs in a year.
3. as per 1 & 2
4. principal payment may be claimed u/s 80c as per limit.
2. the limit u/s 24b is Rs. 1.5 lacs in a year.
3. as per 1 & 2
4. principal payment may be claimed u/s 80c as per limit.
Message likes :
1 times
25 January 2011
Deduction u/s 24(b) is limited to Rs. 1,50,000/- in the case of self occupied house and for the other which may be called either as deemed to be let out,if vacant, or let out,as the cas may be, for which the said deduction is unlimited meaning thereby the entire interest payable in a financial year can be calimed.
Message likes :
1 times
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
- GST Regis.
- Should I include march foreign salary received in April in my income for FY 2023-24?
- Tax on capital gains revoked us 54f
- Inventory of finished goods
- HSN Details in IFF/GSTR-1 & in GSTR 9
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Sale of property furniture sale
- Filing of Form 10BB instead of Filing Form 10B
- Applicability of Ind As to associate of associate
- GST Registration Cancellation books of accounts asked by officer
- TDS Deduction Online Learing Platform
- Point (III) 9 of GSTR-9C
- As per our records, find the below outstanding demand(s)* and interest payable u/s 220(2):
- Regarding transaction th. credit card
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
