WHAT IS THE MAXIMUM LIMIT FOR THE RELIEF OF INTEREST ON HOUSING LOAN IF THE PROPERTY IS GIVEN FOR RENT
Harshal
(Article Assistant )
(182 Points)
Replied 21 December 2009
Okie 1st thing... There is no relief available for interest on housing loan, infact deduction is allowed under section 24(b) for interest on housing loan..
Now for deduction of interest on housing loan on self occupied property is as under...
If loan is taken prior to 1-4-1999 than maximum amount of deduction that can be available is Rs. 30,000 and if loan is taken after 1-4-1999 than maximum amount of deduction that can be available is Rs. 1,50,000..
Sandeep Keswani
(Tax Consultant)
(1064 Points)
Replied 21 December 2009
Agree with Harshal.........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.
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