Home loan interest exemption
This query is : Resolved
SUREN BABU RAMISETTY
(Querist)
23 June 2012
Sir,
I am a salaried employee. I bought a house by taking loan from SBI in the year 2009. I have let out the same house for rent. I have declared the same to my employer and the rental income is also figured in my form 16. I am paying around Rs.2.50 lacs interset on my home loan. But my employer is deducting only Rs.1.50 lacs from total income u/s section 24b. Is it correct or Am I eligible for total int. paid on my loan i.e Rs.2.50lacs ? Please clarify and please mail a copy of the IT rule position.
-Suren babu # surenrsetty@yahoo.co.in
I am a salaried employee. I bought a house by taking loan from SBI in the year 2009. I have let out the same house for rent. I have declared the same to my employer and the rental income is also figured in my form 16. I am paying around Rs.2.50 lacs interset on my home loan. But my employer is deducting only Rs.1.50 lacs from total income u/s section 24b. Is it correct or Am I eligible for total int. paid on my loan i.e Rs.2.50lacs ? Please clarify and please mail a copy of the IT rule position.
-Suren babu # surenrsetty@yahoo.co.in
23 June 2012
If the house property is let out then deduction of interest is allowed for the FULL AMOUNT.
Restriction of Rs. 1,50,000 is only for SELF OCCUPIED HOUSE PROPERTY and NOT for let out property.
Restriction of Rs. 1,50,000 is only for SELF OCCUPIED HOUSE PROPERTY and NOT for let out property.
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