07 January 2010
I own a house which is self occupied. I am paying monthly EMI of about Rs.14,000. Is it possible to take double deduction i.e. Rs.1,50,000 u/s 24 for interest and Rs.100000 u/s 80C?
07 January 2010
No, You can't claim double deduction. Only interest is allowable on accrual basis under section 24(b)and repayment of principal is allowable as deduction U/S80 C. In your case total 168000(12*14000) has been paid. the actual deduction in 24(b) will be as per bank certificate of interest accrued for the year and under 80 c deduction depends only the actual repayment of loan.
07 January 2010
It is the maximum upto Rs.150000 so if the interest actually paid is less than Rs.150000 then the actual amount to be taken. Is that so?
CAclubindia
