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Income from House Property

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(Querist)
25 February 2011 1.Mr.X has two houses in chennai and Blore which are letout properties.And he has taken two separate loans for two properties.

Now, whether X can claim both loan interests under sec.24(b),If so wahat is the limit???

Thanking You.
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Sunil Kr. Sanganeria

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Sunil Kr. Sanganeria (Expert)
25 February 2011 Inteest on borrowed capital is allowable as deduction on accrual basis if capital is borrowed for the purpose of purchase, repair and construction of the House property.

Yoy may claime interest paid on loan taken for each property out of rent received from each property
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
25 February 2011 In other words,for let out property there is no cap for interest deduction under section 24(b) of the Income tax Act,1961.
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