Exemption of housing loan interest
This query is : Resolved
Pankaj Sharma
(Querist)
16 May 2012
Dear All,
If i had rent out my house then the whole interest will be exempt, or in both the cases (rent out & self occupied) maximum limit is 150000
If i had rent out my house then the whole interest will be exempt, or in both the cases (rent out & self occupied) maximum limit is 150000
CA PARAS BAFNA
(Expert)
16 May 2012
In case of let out property, entire interest payable is deductible U/s 24 on capital borrowed for the construction /purchase of the property. You may deduct Interest against the Net Annual Value of the property and the amount remaining unadjusted , can be set off against any income of the current year under other heads .
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Rs. 150000/-limit is for self occupied property.
.
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Rs. 150000/-limit is for self occupied property.
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