Relating to deduction u/s 24(b)
Manoj Pandit (student) (139 Points)
09 December 2013Manoj Pandit (student) (139 Points)
09 December 2013Q1. The other house will be deemed to be LOP even if not let out. you can deduct municipal taxes and 30% for repairs from the annual value. But you cannot deduct hsg loan interest of other house from this house.
Q2. You cannot claim the interest in excess of 1.5L from the annual value of the other house.
The best thing to do is, if the interest on hsg loan on house A exceeds 1.5L, then take house B as SOP and house A as deemed to be LOP. That way you can claim municipal taxes, 30% fr repairs and the whole of interest against the annual value of house A. In that case you will not be entitled to claim that hsg int again on SOP .