Exemption Limit of Interest on Housing Property

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This discussion clarifies the exemption limits for interest on housing property for the financial year 2020-21. For self-occupied properties, the maximum deduction under section 24(b) is £200,000. For let-out properties, while there's no limit on the interest deduction itself, there is a cap of £200,000 on adjusting losses from the house property with any other income.

Ratheesh

Ratheesh (Querist)

23 December 2020 Hi Sir,

What is the maximum Exemption limit for Interest on Housing Property if property is Self Occupied and Let out Property in FY 2020-21.

Please clarify

Thanks & Regards
Ratheesh

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)

27 December 2020 You can claim maximum deduction 200000 under section 24(b)

Message likes : 1 times

Ratheesh

Ratheesh (Querist)

07 January 2021 Thank you Sir for your reply.

If Property is Let out, then also Maximum Limit is 200000 ?

Thanks & Regards
Ratheesh

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

02 October 2021 For let out property, there is no limit for interest deduction. But there is cap for loss adjustment from IFHP with any other income; which is 2 lakhs.

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