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

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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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

Querist : Anonymous

Querist : Anonymous (Querist)

02 January 2013 what if both rented or one is self occupied and other is let out

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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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

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