05 February 2016
I HAVE SELF OCCUPIED PROPERTY, CLAIMING INTEREST & PRINCIPLE ON ITS LOAN, ALSO I HAVE RECENTLY PURCHASED ANOTHER PROPERTY ON HSG LOAN SCHEME SHALL I CLAIM BOTH PROPERTY LOAN INTEREST & PRINCIPLE FOR INCOME TAX DEDUCTION
05 February 2016
You can claim interest on self occupied property up to Rs. 2,00,000 per annum. In case of let out property, actual interest incurred without any ceiling can be claimed. Both deductions are available u/s 24.
In case of principal repayment, the same is available for deduction u/s 80C up to a maximum amount of Rs. 150,000.
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