Interest Paid on Loan borrowed for the purpose of Buy Prop

This query is : Resolved 

12 September 2008 Property buy and let out on rent for commercial purpose.
Rent Income treated as Income from House Property. Is it correct ?

Total Interest Paid on borrowed capital is allowed from house property income or limit of Rs. 150000

12 September 2008 limit is 150000 u/s 24.

12 September 2008 author : Pravin Kulkarni
Posted On : 9/12/2008 7:47:48 PM
Property buy and let out on rent for commercial purpose.
Rent Income treated as Income from House Property. Is it correct ?

Total Interest Paid on borrowed capital is allowed from house property income or limit of Rs. 150000

Expert : Jitender
Posted On : 9/12/2008 10:13:52 PM
limit is 150000 u/s 24.

Answer: If The Property is Let-Out There is No limit For Claiming Deduction of Interest.


13 September 2008 In case the property is let out then the whole of interest on the loan may be claimed as a deduction.

13 September 2008 I am fully agree with Mr. Ramesh and Nitin

13 September 2008 SORRY TO SAY ,FIRST ANSWER IS WRONG.



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