Exemption of unlimited interest of housing loan when rented
This query is : Resolved
03 January 2016
dear sir,
my question is ???
do the housing loan interest is exempted to unlimited amount,
when it is the first or second property of the payee and it is vacant or rented.
by which section of IT Act. and order of govt. it is in force is this facility is available.
regards
Nirbhay Kulkarni
my question is ???
do the housing loan interest is exempted to unlimited amount,
when it is the first or second property of the payee and it is vacant or rented.
by which section of IT Act. and order of govt. it is in force is this facility is available.
regards
Nirbhay Kulkarni
04 January 2016
read section 22, 23 and 24. on self occupied property, limit is Rs 2 lakhs. Only on actually rented out properties or where there are more than 1 property, then all the properties except for one. In the second case, all other properties are treated as deemed let out and notional rent is charged before full interest is allowed as deduction.
PS: get into habit of reading tax act before venturing out to ask questions.
PS: get into habit of reading tax act before venturing out to ask questions.
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