Interest Paid on Loan borrowed for the purpose of Buy Prop

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Pravin Kulkarni (Querist)
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12 September 2008 Property buy and let out on rent for commercial purpose.
Rent Income treated as Income from House Property. Is it correct ?

Total Interest Paid on borrowed capital is allowed from house property income or limit of Rs. 150000

Jitender

Jitender (Expert)
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12 September 2008 limit is 150000 u/s 24.

CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)
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12 September 2008 author : Pravin Kulkarni
Posted On : 9/12/2008 7:47:48 PM
Property buy and let out on rent for commercial purpose.
Rent Income treated as Income from House Property. Is it correct ?

Total Interest Paid on borrowed capital is allowed from house property income or limit of Rs. 150000

Expert : Jitender
Posted On : 9/12/2008 10:13:52 PM
limit is 150000 u/s 24.

Answer: If The Property is Let-Out There is No limit For Claiming Deduction of Interest.