Home loan deduction

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

29 May 2017 Dear Sir,
Suppose an assesse has taken home loan from Bank A in 2010 and also taken home possession in 2010. Then in 2014 due to rise in interest rate he transferred his loan to another bank B.
Now in this regard I have following queries -
1. Whether, still he can take deduction of home loan payment even the loan transferred to another bank and he did not taken benefit of deduction in earliar years..
2. What is limit of principal amount deduction u/s 80 C in one year.
3. What is the limit of interest payment deduction.
Please advise me.

Expert : Anonymous

Expert : Anonymous (Expert)

29 May 2017 yes, Deduction can be claimed even not claiming in earlier years. 80C is 150,000/- and max interest is 2,00,000/-

Expert : Anonymous

Expert : Anonymous (Expert)

29 May 2017 in self occupied house and in case of let out - unlimited amount