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interest on borrowed fund for house property
is there a limit of Rs. 2 lacs for claiming the interest under chapter vi A for the let out property {2nd property other than owned property} from this FY?
Replies (4)
No. There is no cap on interest deduction u/s. 24(b) for let-out (or deemed letout) property; but there is cap of adjustment of loss from head IFHP with other income, which is capped at 2.00 lakhs.
thanks a lot
I understand this is amended from the current financial year only......isn't it??
I understand this is amended from the current financial year only......isn't it??
Yes, Finance Bill, 2017 proposed to restrict such set off of house property loss to Rs 200,000 per annum. Balance loss if any will be carried forward to be set off against house property income of subsequent 8 years. Effective from AY 2018-19.
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