House loan interest rebate
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 June 2014
DEAR SIR,
My query is-
If a salary person take home loan on 2nd home & he pay RS-180000/- interest on both home loan.
He also declare Rental income in Income also.
Can he get interest rebate above 1.5 LAC.
Example- INTEREST PAID-180000/-
Rent received annually -Rs-18000/-
Pls reply
Manoj Jain
My query is-
If a salary person take home loan on 2nd home & he pay RS-180000/- interest on both home loan.
He also declare Rental income in Income also.
Can he get interest rebate above 1.5 LAC.
Example- INTEREST PAID-180000/-
Rent received annually -Rs-18000/-
Pls reply
Manoj Jain
Deepti Asawa
(Expert)
07 June 2014
IF THE HOUSE IS RENTED OUT YOU CAN DEDUCT THE FULL INTEREST PAID ON HOUSING LOAN.
LIMIT OF RS. 1,50,000 ONLY ON SELF OCCUPIED HOUSE.
LIMIT OF RS. 1,50,000 ONLY ON SELF OCCUPIED HOUSE.
Rupesh Jain
(Expert)
07 June 2014
if house is let out then you can claim deduction u/s 24(b) without any limit of intt.
Rs. 150000/- intt limit for self occupied house only.
Rs. 150000/- intt limit for self occupied house only.
07 June 2014
limit of 1,50,000 applies only to self occupied house and int is fully deducitble for non self occupied houses owned and let out.
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