CA Radhika Arde (Chartered Accountant) (67 Points)
16 March 2010Hello all,
I have one simple query to confirm,
If person having two houses in different cities both are let out................and on both loan has been taken...............due to employment he has to stay in 3 rd different city ..........he is staying in guest house of company..........While filing Income Tax return can he show both houses as rented property as actual and claim full Interest as deduction on it.........
AS per my knoweldge its yes one can do it....................
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 16 March 2010
Ofcoarse he can.... No doubt in that
Sachin Agarwal
(CA)
(23 Points)
Replied 16 March 2010
Yes he can claim deduction for interest but maximum overall limit for interest deduction is RS.1,50,000 only u/s 24 subject to certain conditions written in that section
Balaji
(Knowledge Seeker)
(317 Points)
Replied 16 March 2010
Dear Sachin,
There's no limit on interest claim since both the houses have been let out.The limit of Rs.1,50,000/- applies only for self-occupied flats.
Amir
(Learner)
(4016 Points)
Replied 16 March 2010
Yes agree with above members..........
Balaji Sir is rite Interest will be allowed without any limit.
Pradeep Patankar
(IFRS ( London))
(289 Points)
Replied 16 March 2010
yes ...
the limit of 150000 n 30000 is applicable only in case of SOP as the case may be and not in case of LOP....
So he can claim the whole amt of int. of that year.....
Santhosh Kumar
(CA-FINAL)
(78 Points)
Replied 16 March 2010
YES, BECAUSE IT IS NOT SELF OCCUPIE.
SO, WE CAN CLAIM FULL INTEREST ON IT .
WE CAN DEDUCT IT U/S 24, THAT IS FROM NAV( NET ANNUAL VALUE)
C A GROUP COACHING
(COACHING )
(2487 Points)
Replied 16 March 2010
LOP Interest deduction limit is not applicable
Prasanth Nair V
(ACA,ACS,CWA Final,Mcom)
(557 Points)
Replied 17 March 2010
yes.Defenitely U can claim Deduction for interest for both the houses without any limit under section 24b...
CA Radhika Arde
(Chartered Accountant)
(67 Points)
Replied 17 March 2010
Thank You Guys.......
.........
Nomula Sreenivasarao
(DGM -Accounts)
(163 Points)
Replied 17 March 2010
Yes , I agree with above persons, You can claim both the houses interest without any limit.....
Gaurang Desai
(CA FINAL & CS Inter Student)
(123 Points)
Replied 17 March 2010
no the assess can claim the whole interest amount due in that particular year irrespective of any limit because both property are trated as letout property
CAclubindia
