Interest Paid on Housing Loan

This query is : Resolved

G.N.V.D.Kiran

G.N.V.D.Kiran (Querist)
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23 February 2009 Dear Sir,

I have taken a housing loan for construction of a residential house property loan amount is Rs.37,75,000/- and interest paid to bank for the period from 01-04-2008 to 31-01-2009 - 371898/-
from 01-02-2009 to 31-03-2009 - 77547/-

I letout the house property from 01-04-2008 to 31-01-2009 for 20000/- p.m as rent and the same house is self occupied from 01-02-2009 to 31-03-2009

I am in the opinion that i have to claim Rs.371898/- as deduction from letout house property income and Rs. 12500/- P.M for Feb & March (1,50,000 / 12 Months)as the house is self occupied by me

It is correct or not please clarify

Thanking you sir,

Yours faithfully

Kiran G N V D

CA.MANOJ LAMBA

CA.MANOJ LAMBA (Expert)
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23 February 2009 IN MY OPINION, YOU CAN CLAIM 371898/- AS DEDUCTION FROM LET OUT PROPETY & RS.77457/- ON SELF OCCUPIED HOUSE BECAUSE IT DOES NOT EXCEED RS.150000/-.
PLEASE UPDATE ME , IF ANY CONTARY VIEW RECD.