House Property

This query is : Resolved

Prithesh (Querist)
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05 August 2009 I own 2 properties. 1 is in bangalore which i have rented out and the other is in pune which i'm currently occupying. What is the deduction that i'm eligible for in terms of income/loss from house property? Will i be able to claim the entire interest on loan as a deduction for my bangalore property? Is there any benefit that i can claim from the property that i'm occupying in pune (this property is also on loan)?

Kindly throw some light on these issues.

Thanks,
Prithesh

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)
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05 August 2009 You can claim interest upto Rs.150,000/- or actual paid whichever is lower for a self occupied property.
For rented property , you can claim full interest amount paid during the year. No limit is there.

Prithesh

Prithesh (Querist)
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05 August 2009 Thanks for your prompt reply. However are you saying that i can claim deductions on both properties or am i limited to claim interest on only one?

Aditya Maheshwari

Aditya Maheshwari (Expert)
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05 August 2009 You can claim interest deduction on both the properties.. On self occupied property interest upto Rs. 150,000/- will be allowed if loan taken for purchase of property and for rented out property no limit of interest deduction.

Prithesh

Prithesh (Querist)
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05 August 2009 Thanks! These replies really help.