WHAT IS THE MAXIMUM LIMIT OF THE DEDUCTION OF INTEREST ON HOUSING LOAN IF THE PROPERTY IS GIVEN FOR RENT
19 Replies
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 21 December 2009
If the house is let out there is no restriction on claiming interest u/s 24. The actual amount of interest paid can be claimed as deductiion.
g@ur@V
(SENIOR ARTICLE ASSISTANT)
(81 Points)
Replied 21 December 2009
| Originally posted by : D н ! Ñ σ √ | ||
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If the house is let out there is no restriction on claiming interest u/s 24. The actual amount of interest paid can be claimed as deductiion. |
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what do you mean by exemption of agriculture land if it covered in u/s 10(37)
Sandeep Keswani
(Tax Consultant)
(1064 Points)
Replied 21 December 2009
Agree with Dhiraj, Prabeer and Gaurav.........in case of Let out house property, there is no limit for claiming deduction u/s. 24. Actual amount paid as interest will be deductible.
Where is the property is Self Occupied, the maximum amount deductible by way of Interest is Rs. 150000/-. However, if the sum is borrowed before 01-04-1999, the deduction is limited to Rs. 30000/- only.
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 21 December 2009
| Originally posted by : gaurav agrawal | ||
|
Originally posted by : D н ! Ñ σ √ If the house is let out there is no restriction on claiming interest u/s 24. The actual amount of interest paid can be claimed as deductiion. what do you mean by exemption of agriculture land if it covered in u/s 10(37) |
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10 (37) deals with COMPULSARY ACQUISITION OF URBAN AGRICULTURE LAND.... such amount recieved on acquisition is completely exempted....
CA CHINTAN AJMERA
(Chartered Accountant)
(2987 Points)
Replied 21 December 2009
If the house is let out there is no restriction on claiming interest u/s 24. The actual amount of interest paid can be claimed as deductiion. And MAX. limit is rs 150000
NARENDER PAWAR
(CA final Student)
(337 Points)
Replied 22 December 2009
their is no limit of intrest paid if house given on rent, amount paid as intt. is allowed u/s 24(b)
manish
(Article Assitant)
(358 Points)
Replied 22 December 2009
If the property is given for rent then the assessee can claim interest with no limit. U/s 24. Actual amount paid as interest will be deductibel.
CA. Anshul Bajaj
(Taxation Head)
(173 Points)
Replied 22 December 2009
You can claim the full amount piad a deduction U/s 24(B) if the property has been let out
CA PRAVEEN KESHAV
(CHARTERED ACCOUNTANT)
(331 Points)
Replied 22 December 2009
yaa there is no limit..............
RD Verma
(CA. Student)
(314 Points)
Replied 22 December 2009
IF THE PROPERTY IS GIVEN FOR RENT THERE IS NO RESTRICTION ON CLAIMING INTEREST ON U/S 24.ACTUAL AMOUNT OF INTEREST PAID CAN BE CLAIMED AS DEDUCTION.
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