Interest deduction on home loan
This query is : Resolved
02 August 2018
In our organization one of the employee has two home loans one is in Lucknow (own place) the another one is in hyderabad(work place). Lucknow house is letout and hyderabad house is self occupied. But he is paying interest 2.5 lacks for lucknow house and 2.5 lacks for hyderabad what is the maximum deduction under home loan interest please clarify to me. thanking you
02 August 2018
1. Let out property , no limit
2. Self occupied 2,00,000.
2. Self occupied 2,00,000.
02 August 2018
Thanking you sir can I take Interest 2.5 lakhs for let out and 2 lakhs for self occupied total 4.5 lakhs under 24(b)?
02 August 2018
Dear Sir
After Changes in Income Tax Law, Now both for Self Occupied and Let Out Property, Interest Limit is restricted to Rs.2,00,000/- Only. Maximum Interest Allowed is Rs.2,00,000/- Per Annum under Section -24. However, Excess Interest Paid Can be carried forward for Next 8 Years
After Changes in Income Tax Law, Now both for Self Occupied and Let Out Property, Interest Limit is restricted to Rs.2,00,000/- Only. Maximum Interest Allowed is Rs.2,00,000/- Per Annum under Section -24. However, Excess Interest Paid Can be carried forward for Next 8 Years
02 August 2018
@ Sharma Ji
My observation was confined to 24(b) only while you combined 24(b) with 71(3A)
ie all.
My observation was confined to 24(b) only while you combined 24(b) with 71(3A)
ie all.
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