Deduction of interest on borrowed money
This query is : Resolved
Rishi Gupta
(Querist)
10 February 2009
Hi,
I have two questions:
1)I have purchased a house and can I give it to my father on rent and get full deduction of interest as there is no limit of 1.5lacs applicable to letout property.
2)If the purchased property is not in the city of living then will this house be treated as selfoccupied or let out. If let our then I need to show some rented income.
Regards
I have two questions:
1)I have purchased a house and can I give it to my father on rent and get full deduction of interest as there is no limit of 1.5lacs applicable to letout property.
2)If the purchased property is not in the city of living then will this house be treated as selfoccupied or let out. If let our then I need to show some rented income.
Regards
10 February 2009
1) You can let out your house property to your father and claim full deduction of interest u/s. 24
2) If the house is situated else where and not let out, that will be treated as Self-occupied by you u/s. 23 (2)of the IT Act, 1961 and all other provisions apply accrodingly
1) You can let out your house property to your father and claim full deduction of interest u/s. 24
2) If the house is situated else where and not let out, that will be treated as Self-occupied by you u/s. 23 (2)of the IT Act, 1961 and all other provisions apply accrodingly
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