Deduction for Interest on Home loa

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Anita Bansal (Querist)
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23 May 2009 Loan is taken for the Purchase of House in BAnglore from the BAnk at banglore. Now my question is that assesse reside at USA and he is under the payroll of us comoany itself. Then can he take the deduction of the interest which he is paying on house property

Ratan Sharma

Ratan Sharma (Expert)
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23 May 2009 Hi,
Definately the assessee can take the benefit of interest paid on housing loan. As the assessee is living at USA due to his service the annual value can be taken as Nil irrespective of his non occupancy of the house.

K V Subba Rao

K V Subba Rao (Expert)
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23 May 2009 For computing Income from House Property, the assessee can claim Interest as expendiure subect to prescribed limits

Annual value depends on whether the house is let out or self occupied (for parents or family) and number of houses owned