gokulratna (student) (42 Points)
06 September 2013Hello, Evening Everybody
One of my Client has opted for housing loan and taken 2 crores. the property is letout, He Paid an interest of 11 lakhs, he received TDS for approxmately 481000. he also paid advance tax of 5 lakhs, His Total tax accumulated if only 9 lakhs, he didnot refund as it is bulk of 5 lakhs, can interest on housing loan can be claimed in the next year
kanagaraj
(CHARTERED ACCOUNTANT)
(793 Points)
Replied 15 September 2013
Hi,
Since the property is letout the entire interest will be deducted from the house property, the limit 1.5 lacs is only for self occupied property. Only if you incur loss from HP the same may be adjusted against the income of next year
Mukesh Goel
(CA,CFA)
(103 Points)
Replied 25 September 2013
Hi Gokul,
since the property is letout, entire amount of interest will be allowed as deduction under house property. Incase of Interest >rental income under HP, you can get it adjusted with any other source of income and if required if can be carry forward for next 8 yrs.
It will be allowed in current AY only, it cant be carry forward and availed in next year.
thanks
Mukesh
CAclubindia
