20 July 2009
one of my employee have two houses in hyderabad and takes loan on both.so he claims interest on both the houses which is more than 150000/-.so can we take interest on house property in form 16 above 150000/-.
20 July 2009
2 houses means, only one will be considered self occupied & will be allowed (-)150000 IHP, but for the other house, it will be deemed to be let out & IHP computed accordingly,
20 July 2009
In that case, only one house should be considered as self occupied. The other one shall be treated as deemed to be let out property. Interest deduction of Rs. 1.5 Lac shall also be considered only in respect of the house which was treated as self occupied.
CAclubindia
