Friends please tell for how many years can the interest on housing loan taken for self occupied house be taken in income from house property ???
1 Replies
CA sanjeev goyal
(senior excutive)
(100 Points)
Replied 21 June 2012
as per sec. 24 if the housing loan is taken for the construction of house on or after 1-4-99 and construction is completed within 3 years than the deduction sall be aalowed upto rs.150000/- otherwise the deduction will be 30000/-
and in any case deducation it can exceed from 150000/- in case of self occupied.
in the act there is nohting provided for the years for which dedction shall be allowed. so it should taken upto the year of repayment of loan.
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