Interest on Self occupied property

Surya narayana (student) (26 Points)

13 February 2009  

Housing loan of Self occuClarification ragarding interest on pied property

As per sec 24b of the Incometax Act, an assessee who is claiming interest on self occupied cant claim HRA. Both are not allowable under Incometax Act.

If the assessee letout that property and if declaring any rental Income from that House property , he can claim HRA & interest both. But the address of the property, which is letout and address shown on return of income , shoul not be same.

And one more thing is, maximum deduction allowable on self occpuied property is Rs.1,50,000, and if ts is owned by  two owners(joint property) both can claim Rs.1,50,000/- each. whereas in case of Let out property, total interest paid relevant to assessment year can claim deduction U/s 24b.