Home loan interest deductions
This query is : Resolved
SHIV KUMAR AGARWAL
(Querist)
24 April 2014
Sir,
I have one Self Occupied Property I have taken home loan of Rs. 75.00 Lacs. I am paying home loan interest appx 7.50 Lac Per year. I have two options:-
1 I will show deemed rent income and claim entire home loan interest as deduction against my deemed rent income , salary and interest income.
2. I should claim 1.50 Lac as deduction u/s 24 without showing deemed rent.
Which is right. Please let me know.
Thanks
Shiv Kumar Agrawal
Sir,
I have one Self Occupied Property I have taken home loan of Rs. 75.00 Lacs. I am paying home loan interest appx 7.50 Lac Per year. I have two options:-
1 I will show deemed rent income and claim entire home loan interest as deduction against my deemed rent income , salary and interest income.
2. I should claim 1.50 Lac as deduction u/s 24 without showing deemed rent.
Which is right. Please let me know.
Thanks
Shiv Kumar Agrawal
Nikhil Kaushik
(Expert)
25 April 2014
you are entitled only for Rs 1.5 lakhs deduction
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