if the housing property is letout and rental income is accounted the limt of
rs 150,000/- cealing for deduction of interest on borrowed capital will not arrise -
the actual interest paid on housing loan is deductable without any cealing
clarify
raghu (proprietor) (87 Points)
28 December 2011if the housing property is letout and rental income is accounted the limt of
rs 150,000/- cealing for deduction of interest on borrowed capital will not arrise -
the actual interest paid on housing loan is deductable without any cealing
clarify
praveen
(Chartered Accountant)
(6971 Points)
Replied 28 December 2011
Yes you are exactly right.
The quantum of deduction is fixed only in case of a self occupied property and not in case of a let out property.
CA Kumar Mukesh
(CA CMA FINAL and Advance Excel Trainer)
(6881 Points)
Replied 28 December 2011
for your kind information interest exp under section 24(b) is allowed on Accural basis
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