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interest on borrowed fund for house property

Sangita Jani (associate vice president ) (121 Points)

13 March 2018

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?

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4 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177840 Points)
Replied 13 March 2018

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.

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Sangita Jani (associate vice president ) (121 Points)
Replied 14 March 2018

thanks a lot
I understand this is amended from the current financial year only......isn't it??

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177840 Points)
Replied 14 March 2018

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.