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Maximum limit of houseing loan interest.

Ramanuj (Accountant.) (834 Points)

04 January 2014

Dear All

I Want to known Maximum limit of Houseing loan Interest claim. Both Cases 1 Let of property & Self occopied and Rental

Please clarify above query .

Thanks in Adavance

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6 Replies

Amrin (Chartered Accountant) (215 Points)
Replied 04 January 2014

Let out property : No limit on interest claimed..

Self Occupied.. Limit is Rs.150000/-

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Neha sharma (-) (1257 Points)
Replied 04 January 2014

I agree with Amreen

For self-occupied - it is 1,50,000

For let-out - it is - No Limit

For more kindly refer this link: https://www.charteredclub.com/tax-benefit-on-home-loan/

Ramanuj (Accountant.) (834 Points)
Replied 04 January 2014

thaks for reply.

One Property purchases its property have name of three person have self occopied. Interest on laon paid 500000/- can i seperate interest claim Rs. 1,50, 000/- Each person or not.

Please advice

Thanks in advance.

Amrin (Chartered Accountant) (215 Points)
Replied 04 January 2014

Interest can be taken as per owner basis

Pradeep Gupta (Accounts Manager) (298 Points)
Replied 04 January 2014

Deuduction of Interest on Housing Loan under section 24:-

1) If Loan taken before 1st April 1999:-

A)Purchase/Acquisition/Construction:

a) Self Occupied: Rs.30,000/-

b) Let Out: No Limit

B) Repairs/Renewals/Re-construction:

a) Self Occupied: Rs.30,000/-

b) Let Out: No Limit

2) If Loan taken on or after 1st April 1999:-

A)Purchase/Acquisition/Construction (Provided Purchase/Acquistion/Construction should be completed within 3 years from the end of the FY in which capital borrowed, If not then limit will be Rs.30,000/- for belowmentioned) :

a) Self Occupied: Rs.150,000/-

b) Let Out: No Limit

B) Repairs/Renewals/Re-construction:

a) Self Occupied: Rs.30,000/-

b) Let Out: No Limit

Sec. 26 deals with the Property owned by Co-owners, In such case each co-owner will be eligible for deduction seperately and not jointely.