Section 24 of itr

This query is : Resolved

Brijesh (Querist)
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19 August 2011 Intrest on housing loan comes uder sec 24 and max limit is 1.5 L.

But if the possession of property is not with us then what will be the tratment ???

Suppose we had puchase a house on loan and house is under construction and builder will give the possessiion after two year and my EMI starts.

In that case what will be tratment of Intrest ??

CA Ashwani Agarwal

CA Ashwani Agarwal (Expert)
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19 August 2011 1.5 is for self occupied propoerty.

If the property is let out then there is no limit for the same.

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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19 August 2011 If property is not in the possession (here literary meaning only is considered for want of full details)) of the assessee, there is no income under the head 'income from house property' meaning there by assessee can't take the advantage of expenses in relation thereto including section 24 benefit.

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