interest on house property
This query is : Resolved
08 April 2010
I have a let out property and i have taken a loan for the property on 1/7/2007 i.e after 1/4/1999 and my interest on loan comes to 31250. what is maximum interest that i can deduct whether 30000 or 31250. whether date of 1/4/1999 should be considered for limit of let out property. i know this limit is applicable for self occupied property but what about let out and other properties.Reply here . if possible also mail me at deepmajic_85@yahoo.co.in
08 April 2010
the limit for interest is on self occupied property and not on let out
So full deduction allowable
So full deduction allowable
08 April 2010
when the loan is taken for repairs, renewals or reconstruction, the date is not relevant. The max. deductible amount u/s 24(b) is Rs. 30,000 whether it is before or after 1/4/1999. However, this limit is applicable only for the property covered u/s 23(2) i.e.SOP, u can claim full deduction in case of let out property.
Regards, CA Shakuntala Chhangani
Regards, CA Shakuntala Chhangani
08 April 2010
thanks Aditya even i solved the problems with same funda but i have problem with Tax man Vinod K Singania CA PCC Page No. 230 problem no.69.1-3e1. Its unsolved problem but i think they have taken a deduction of only 30000 instead of 31250.
08 April 2010
I think full deduction should be allowed. Cannot comment why alternative treatment may have been taken by Sighgania.
08 April 2010
will publish sum tomorrow
08 April 2010
agree with aditya.. as property is bought after 01/04/99.. publish the sum so that we can try to solve it for u..
Nazir
Nazir
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