House Property

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This query is : Resolved

Prithesh (Querist)

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)

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)

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)

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)

05 August 2009 Thanks! These replies really help.