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house property

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(Querist)
28 December 2009 As everyone know, when a fresh loan is taken to repay the existing loan, Interest u/s 24(a) is allowable as a deduction. My question is, whether it is restricted to Rs. 30,000/- or Rs. 1,50,000?
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RAJESH SHUKLA

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RAJESH SHUKLA (Expert)
28 December 2009 Rs. 150000/-
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Murtaza I Bhagat

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Murtaza I Bhagat (Expert)
28 December 2009 Int on borrowed capital Rs.1,50,000/-
Rs.30000 Generally (higher deductions are allowable only where the capital is borrowed after 01.04.99 and property is acquired/constructed within 3yrs from the end of FY in which capital was borrowed.)
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Murtaza I Bhagat

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Murtaza I Bhagat (Expert)
28 December 2009 Int on borrowed capital Rs.1,50,000/-
Rs.30000 Generally (higher deductions are allowable only where the capital is borrowed after 01.04.99 and property is acquired/constructed within 3yrs from the end of FY in which capital was borrowed.)
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
28 December 2009 R.150000/ - if the Property self occupied
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
28 December 2009 yes maximum Rs.150000 p.a. for self occupied house property.
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