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
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Deduction of housing loan interest
Replies (2)
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.
for your kind information interest exp under section 24(b) is allowed on Accural basis
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