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Interest on borrowed capital

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Querist : Anonymous

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Querist : Anonymous (Querist)
30 July 2014 In Form 16 employer has deducted Rs.241000/- as deduction for interest on borrowed capital. But when i fill ITR 1 it restricts me to Rs.150000/-. If i take Rs.150000/- as deduction then i will have to pay additional tax. what to do?
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
31 July 2014 you can claim 2.41 lakhs deduction only if it is a let out property. else it shall be restricted to Rs 1.5 lakhs

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