Limit of interest in tax cutting for homeloan

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Milind (Querist)
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26 November 2013 plz give reference/ section no for deducting interest with limit for homeloan also guidelines for interest raised due to car loan

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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26 November 2013 Section 24, Limit for Home Loan Interest deduction 150000 or interest payable which ever is less (in case of SOP), In case of let out property -Actual Interest Payable on loan.
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Interest raised due to car loan -
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Terms are not clear.