house property
This query is : Resolved
krishnamoorthy
(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?
RAJESH SHUKLA
(Expert)
28 December 2009
Rs. 150000/-
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.)
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.)
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.)
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.)
CMA Ramesh Krishnan
(Expert)
28 December 2009
R.150000/ - if the Property self occupied
CA Ravi Sisodia
(Expert)
28 December 2009
yes maximum Rs.150000 p.a. for self occupied house property.
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