HI,
I WOULD LIKE TO KNOW, IF HE/SHE BUY A HOUSE WITH THE HELP OF HOUSING LOAN & STAYING IN THAT HOUSE. IS THIS POSSIBLE THAT HE/SHE CAN CLAIM MAXIMUM INTEREST AMOUNT RS. 150000/- IN INCOME TAX FILLING AS PER SECTION 24 B.
Sandeep V. Adsul (Accountant) (54 Points)
30 November 2012HI,
I WOULD LIKE TO KNOW, IF HE/SHE BUY A HOUSE WITH THE HELP OF HOUSING LOAN & STAYING IN THAT HOUSE. IS THIS POSSIBLE THAT HE/SHE CAN CLAIM MAXIMUM INTEREST AMOUNT RS. 150000/- IN INCOME TAX FILLING AS PER SECTION 24 B.
CA Pintu Mishra
(Chartered Accountant- Industry)
(514 Points)
Replied 30 November 2012
Yes he\she can claim interest upto 1.5 lacs and also principle amount on repayment on loan under 80-C if the house is not under construction.
pallav
(still a learner....)
(938 Points)
Replied 30 November 2012
maximum allowable amt is 150000/= but loan should be after 1st april,1999
karan jit singh
(Consultant)
(1299 Points)
Replied 30 November 2012
No bcoz no loan taken for buying residential property.
Akash Jain
(CA Final Student)
(261 Points)
Replied 30 November 2012
Yes Interest exempted upto maximum of Rs 150000 under 24 B under IFHP on due basis.Principle repayment deduction under sec 80 C upto 1 lakh total
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