Deduction under section 24 (b) of i.t.act
This query is : Resolved
CA Sanjay Baheti
(Querist)
19 November 2012
One of My client has taken Housing Loan from SBI in June,2012 towards Self-occupied house Property.He is working as DGM (Projects) in big MNC.For his Tax Planning purposes from his Salary Income for Financial Year 2012-13 the SBI has issued a Tentative Interest cum Repayment of Principal Loan Certificate for F.Y.2012-13 detailed as under :-
i) Total Interest Rs.387416/-
ii) Total Repayment of Principal Loan Rs.81584/-
Now query is whether he can claim entire Interest amount as deduction u/s 24 (b) of I.T. Act or restricted to maximum Rs.150000/-.
i) Total Interest Rs.387416/-
ii) Total Repayment of Principal Loan Rs.81584/-
Now query is whether he can claim entire Interest amount as deduction u/s 24 (b) of I.T. Act or restricted to maximum Rs.150000/-.
Gayathri Devi
(Expert)
19 November 2012
He can claim up to Rs.150000/
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