18 February 2009
is Interest on loan is limited to 150000 in case of self occupied house property?? Can we claim the entire interst as deduction if we the house is let out?
18 February 2009
Interest is allowed upto 150000/- on SOP if: 1.Loan is taken after 1.4.98 2.Loan is taken for "purchase" or construction of house property"
Else, deduction is restricted to 30000/-.
There is no limit of interest deduction if the hp is LOP.
02 March 2009
i think the date is 1.4.99 and not 1.4.98
for self occupied house property :
limit is 150000 if :
1. loan is borrowed on or after 1.4.99 for acquition or construction of a property and 2. acquition or construction should be completed with in 3 yrs from the end of financial year in which the capital was borrowed.
limit is 30000 if :
1.loan is borrowed before 1.4.99 for acquition,construction,repairs,renewals. or 2. loan is borrowed on or after 1.4.99 for reconstruction, repairs, renewals. or 3. loan is borrowed on or after 1.4.99 but construction is not completed with 3 yrs from the end of the year in which capital was borrowed.
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