24 October 2013
According to the section 24(b) Of Income tax act,1961 interest on housing loan eligible for deduction for self occupied property upto maximum of Rs.1,50,000 and for let out property no limit for deduction subject to the debited to the loan account by the bank towards interest.
Thus for your case for the self occupied property you will get deduction of Rs.1,50,000 and for let out property Rs.3,14,578 thus total deduction u/s 24(b) available to you is Rs.4,64,578.
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