One of our client has taken Housing loan of Rs. 50,00,000. To repay that loan he has taken another loan for Rs. 1 Cr(1,00,00,000). now can he claim interest deduction on Whole 1 Cr or only upto 50 lakhs?? and also let me know is there any case law on the same?
05 March 2012
In that case deduction can be claimed if the property was let out and income therefrom was offered to tax under income from house property. Otherwise deduction is limited to Rs. 150000/-
CAclubindia
