Dear All
Is deduction u/s24b for interest paid on home loan is available for self occupied houses also?
Thanks
7 Replies
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 11 July 2011
24b claim is available for loan taken for purchase/construction of home, irrespective of fact that its self occupied or let out.
Sharad Saini
(Student)
(286 Points)
Replied 11 July 2011
yes
however the maximum deduction in case of self employed house will be Rs.30,000 or Rs.150,000(subject to some conditions)
satish kumar voleti
(A.C.A., (ICWAI))
(1686 Points)
Replied 11 July 2011
Deduction is available in computing the income from house property
24(b) Interest payable on capital borrowed for acquisition, construction, repairs renewal or reconstruction of house property.
Deduction is allowed whether it is let out property or self occuiped.
SOP : The maximum limit for interest in case of self occupied property is150000/- provided if loan is borrowed towards
if it is towards repairs , renewals it is30000/-.
Consturction or acquisition of house which is completed with in 3 years from the end of the financial year in which capoital was borrowed and a certificate is requird to be provided.
for LET out property there is no limit.
nehal sachdeva
( CA Final student)
(27 Points)
Replied 12 July 2011
yes deduction for interest u/s 24(b) is available for self occupied houses too.
However, the maximum amount of deduction available is rs.30,000 per year.
This amount is increased to rs. 1,50,000 if
-loan is taken for construction or purchase of house and
-such construction or purchase is completed within 3 years.
CA,CMA,CS Karan Gogia
(Employed)
(230 Points)
Replied 12 July 2011
yes
it is avilable for selfoccupied house...
loan before 1/04/1999-30,000 (for construction and repair)
loan after 01.04.1999-1,50,000(for construction if construction completed with in 3 year of takin loan)...30,000 in any other case
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