Hi..
I have one self occupied house property for which I am paying 1 lakh towards interest for a year.
now I am planning to purchase another house property with own and bank funding. please suggest me can I claim deduction of interest u/s 24b for separate of each property or its restricted to maximum Rs 2 lakh.
where assessee owns more than one house property for self occupation , then any one of such property, at the option of assessee is treated as self occupied and remaining treated as deemed to be let out
RS 2,00,000 deduction only for self occupied
,you can claim deduction for any amount of interest paid for deemed to be let out property - -no restrictions
but for loss from House property can be set off against any other head to the extent of rs 2,00,000 during the same year
the unabsorbed loss is allowed to carry forward upto 8 assessment year
for further information please reply
CAclubindia
