Exemption on housing loan
This query is : Resolved
31 October 2012
I want to ask a question related to section 24(b), of income tax. I want to know that; If i have one self occupied house on which i am paying INTEREST of Rs. 176,000 p.a. and the total interest of construction period is 285000.00.
how much deduction i can claim under section 24(b), {150000+(285000/5)} or net 150000.
Pls. clarify my query.
Thanks & Regards
how much deduction i can claim under section 24(b), {150000+(285000/5)} or net 150000.
Pls. clarify my query.
Thanks & Regards
01 November 2012
Rs 1.5 lacs from the year of self occupation only can be claimed.Pre occupation interest can be claimed in 5 equal instalments from the FY in which it is self occupied
01 November 2012
1.5 Lac is monetary limit. i.e pre+post.
so in your case only 1.5 lac
so in your case only 1.5 lac
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