Deduction of intt. u/s 24
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 January 2013
Dear Expert
Plz clarify ...
1) the maximum deduction limit of interest u/s 24 if assess have two loan for two seprate house property i.e 300000/60000 or 150000/3000
2) Can assess claim interest deduction on both loan
Plz clarify ...
1) the maximum deduction limit of interest u/s 24 if assess have two loan for two seprate house property i.e 300000/60000 or 150000/3000
2) Can assess claim interest deduction on both loan
02 January 2013
For your clear clarification please give the details. Is both the houses or self occupied are rented etc...
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 January 2013
what if both rented or one is self occupied and other is let out
02 January 2013
As per the Income tax act section 24(b) interest on housing loan deduction available for self occupied houses upto Maximum of Rs.150000, For rented houses no maximum limit.
According to the provision of income tax act, those you have more than one house then only one house shall consider as self occupied and other house(s) shall be deemed to rent and has to offer rent as per Municipal value( deemed let out of house shall be select as per choice of the owner). Event though actually house not given rent then also we have to consider this provision.
So in your case as per the IT act only one house shall consider as own house and other is let out. So for self occupied house the limit of section 24(b) deduction is Rs.150000. And for deemed let out house/actually let out house is no limit for section 24(b) deduction.
For any clarification please write.
OM SAI SRI SAI JAI JAI SAI
According to the provision of income tax act, those you have more than one house then only one house shall consider as self occupied and other house(s) shall be deemed to rent and has to offer rent as per Municipal value( deemed let out of house shall be select as per choice of the owner). Event though actually house not given rent then also we have to consider this provision.
So in your case as per the IT act only one house shall consider as own house and other is let out. So for self occupied house the limit of section 24(b) deduction is Rs.150000. And for deemed let out house/actually let out house is no limit for section 24(b) deduction.
For any clarification please write.
OM SAI SRI SAI JAI JAI SAI
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Regarding appeal to GSTAT
- Regarding TDS Applicability For Director Remuneration
- LC charges in relation to Asset purchased should be Capitalised ?
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Value of property in capital gain
- Multiple trade mark
- Transporter Declaration form
- Copyright software
- TDS APPLICABILITY......
- Opting our of sec 44AD
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
