Exemption of Interest on housing loan
This query is : Resolved
11 February 2011
Anyone please answer the following qyery:
If some one has two house for which housing loan is taken from bank, one is used as self occupied and another is as let out property.
The person in current financial year paid the amount regarding principal payment as well for interest for both the loans.
My question is whether he can claim both the principal amount paid under 80c, and interest amount of both the loans u/s 24 of income tax act, and if yes what will be deduction u/s 24? will it be 150000 or 300000?
If some one has two house for which housing loan is taken from bank, one is used as self occupied and another is as let out property.
The person in current financial year paid the amount regarding principal payment as well for interest for both the loans.
My question is whether he can claim both the principal amount paid under 80c, and interest amount of both the loans u/s 24 of income tax act, and if yes what will be deduction u/s 24? will it be 150000 or 300000?
11 February 2011
For Self-Occupied:- Yes deduction u/s 80C is allowed and Interest is allowed only upto Rs. 1,50,000 on fulfillment of certain conditions.
For Let-Out Property:- Section 80C is allowed and Interest is allowed without any limit.
Regards!!!
For Let-Out Property:- Section 80C is allowed and Interest is allowed without any limit.
Regards!!!
11 February 2011
yes agreed with Dinesh.
19 February 2011
Dear Mr. Adhikari,
it is not clear plz explain little bit. Actualy if we go with only section 24b and give both the interest loss in that section only then later how can we sagrigate both the interest saperately.
it is not clear plz explain little bit. Actualy if we go with only section 24b and give both the interest loss in that section only then later how can we sagrigate both the interest saperately.
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
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Import license renewal
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- 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
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
