when a house property is self occupied for part of the year and held for let out for the remaining part of the year.
In this case,what is the amount of deduction available under section 24b of the income tax act,1961???
Thanks in Adavance
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Deduction of Interest on loan under sec.24b
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Only difference is the rental income (after standard deduction), for the period for which it was let out, would be added under 'income from HP'..... rest calculation will be same. (The total deduction will be capped at Rs. 2 lakhs for deduction u/s. 24b)
does the threshold limit of 2 lakh under 24b include interest for pre construction loan
Deduction on home loan interest cannot be claimed when the house is under construction. This pre-construction interest can be claimed only after the construction is finished.
Homeowners can claim the deduction on interest for the home loan only from the year in which the construction of the property is completed, in five equal installments; alongwith the interest paid during the same financial year........... which is now capped at Rs. 2 lakhs (aggregate deductible under head income from HP)
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