AAYUSH BANSAL (ca aspirant) (92 Points)
20 March 2010hello friends..
i have a query on house property.. pls solve it..
mr x has one house in delhi.. it has 4 units.. all units are self occupied...
hw much deduction for interest he can claim is it 150000/30000 for entire house or
150000/30000 for each unit..
regards
aayush bansal
shushantsinghal
(BCOM(HONS),C.A)
(283 Points)
Replied 20 March 2010
RS 150000/- FOR WHOLE HOUSE................NOT FOR SINGLE UNIT....
manoj
(student)
(5205 Points)
Replied 20 March 2010
as full house is self occupied it will be trated as one unit
if he had took loan before 01 04 1999 then deduction will be only 30000
if he had took loan after 01 04 1999 then deduction will be 150000
Amir
(Learner)
(4016 Points)
Replied 20 March 2010
Dear aayush,
Agree with friends, completely sef occupied property cannot be broken down in units.............so Total deduction will be 1.50lacs or 30,000
Vasavi
(article assistant)
(54 Points)
Replied 20 March 2010
hi..
Acc. to given information , house is self occupied by Mr. X. If Mr. X has taken loan on or after 1.4.99 , he can claim interest u/s 24(b) Rs.150,000 or 30,000 accordingly..
if loan has taken for construction & acquisition and construction of property completed within 3 yrs FY from yr of loan taken - he is legible for deduction of Rs. 150,000
Sharad Suman Das
(art)
(141 Points)
Replied 21 March 2010
Dear Ayush
interest on House Property does not depends on wether the house is selef occupied wholly or partly
Following are the conditions that are required to get maximum deduction of interest of Rs. 150000
1) Loan must be taken on or after 1/4/99
2) Loan must be taken for purchase or construction of house property
3) Construction must be commpleted within 3 years from the end of the financial yearin which the loan was taken
4) a lender cetificate must be obtained, certfying fulfilment of above conditions.
Hence if the above conditions are satisfied then an assessee gets deduction of Rs. 150000 and if not satisfied then Rs. 30000
Dinesh pratap singh
(C.A. Final Student)
(54 Points)
Replied 21 March 2010
Dear Ayush, I am agree with above veiews.
Puneet
(learner)
(105 Points)
Replied 21 March 2010
dear Ayush
I am agree tooeith above said by other friends.
CA SHUBHAM Mittal
(CA )
(441 Points)
Replied 21 March 2010
Agreed with Sharad.......................
CAclubindia
