Deduction of interst on housing loan
This query is : Resolved
shalaka shekhar rao
(Querist)
10 May 2013
Dear Sir/Madam,
I have one house propety which is self occupied and now i purchased one more house which is considered as deemed to be let out.
I want to know that can i get deduction u/s 24b of interst on housing loan of 2nd house if i pay interst of Rs. 2,00,000/- and can i get full principle amt of deduction u/s 80c. I have no loan on 1st house.
I hope my question is clear to you.
Thanking you,
I have one house propety which is self occupied and now i purchased one more house which is considered as deemed to be let out.
I want to know that can i get deduction u/s 24b of interst on housing loan of 2nd house if i pay interst of Rs. 2,00,000/- and can i get full principle amt of deduction u/s 80c. I have no loan on 1st house.
I hope my question is clear to you.
Thanking you,
10 May 2013
1. You are eligible for deduction of interest amount u/s 24(b). The full amount will be allowed as deduction as the house is deemed to be let out. The limit of Rs. 1.5 lakhs is NOT applicable in this case.
2. The principal repayment shall be allowed as deduction u/s 80C subject to the limit of Rs. 1 lakh.
2. The principal repayment shall be allowed as deduction u/s 80C subject to the limit of Rs. 1 lakh.
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