04 December 2009
If the loan is taken for construction of house property prior to 1-4-1999 and the house is self occupied than deduction u/s24 towards interest is restricted to Rs.30000/- and if the loan is taken after 1-4-1999 than the maximum ceiling of deduction u/s 24 for interest payment is Rs.150000/- if the house is self occupied.
If the loan is borrowed for reconst-ruction, repairs or renewals of house property than maximum deduction on account of interest is Rs.30000/- and not Rs.150000/-.
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