The Assessee is having one self occupied property andhe has borrowed funds from two banks.
whether he can claim interest paid to both of them while computing his income?????????
13 Replies
manoj
(student)
(5205 Points)
Replied 28 March 2010
YES HE CAN AVAIL DEDUCTION OF TOTAL INTEREST PAID
IF HE HAD BORROWED LOAN BEFORE 01 04 1999 THEN DEDUCTION WILL BE 30000
IF HE HAD BORROWED LOAN ON R AFTER 01 04 1999 THEN DEDUCTION WILL BE 150000
CA Milap Mehta
(ACA)
(248 Points)
Replied 29 March 2010
Agree with Manoj as its monetory limit of Rs.30,000/Rs.1,50,000 and no matter howmany no. of loans are there..
ANIL KUMAR JAIN
(PRACTISING CONSULTANT)
(65 Points)
Replied 29 March 2010
if the property is rented... den he can claim any amount of Loan interest
and if is self occupied not more then 150,000.
Prasanth Nair V
(ACA,ACS,CWA Final,Mcom)
(557 Points)
Replied 29 March 2010
Yes, but subjects to Limits...
Padmavathi
(Studying C.A-Final)
(132 Points)
Replied 29 March 2010
Yes, the assessee can claim deduction u/s 24(b) but subject to limits. If he has borrowed before 01/04/1999, the deduction will be Rs.30,000.If he has borrowed after 01/04/1999. the deduction will be Rs.150000. This deduction will be available only after completion of construction of house property or after purchase of property. And also the assessee can claim the principal repayment of loan u/s 80 (c).
Abhimanyu Agarwal
(Articleship)
(68 Points)
Replied 29 March 2010
First veryfy if the loan pertains to that property.
Secondly if the funds have actuallly been used for that property.
If the above conditions are satisfied then only u can claim 24(b), and the limits have been already stated by my frenz above
CA Dhanashree Gandhi
(C.A.)
(129 Points)
Replied 29 March 2010
Yes, subjects to Limits........................
saranraj
(CA FINAL)
(419 Points)
Replied 29 March 2010
yes u can very well claim. But the maximum interest allowable is RS.1,50,000 if the house is constructed or purchased withing three years from the date of commencement of construction. Otherwise only Rs.30,000 is allowed. You can even take any number of loans for constructing or purchasing a house. But the claiming of interest is limited to the above limit.
C.Balaji
(Learner)
(1867 Points)
Replied 29 March 2010
Can Very well claim but upto a maximum of Rs. 150000/-.........(if constructed / purchased within 3 years from the end of P.Y. and loan borrowed on or after 1.4.99 or else only Rs.30000/-)
arun kankaria
(article)
(22 Points)
Replied 01 April 2010
yes ,subject to the limits,he can claim ded u/s 24 b
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