Housing loan deduction and rent income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 February 2017
Dear Experts,
I had purchased the flat by taking housing loan from bank. But i have given my flat on rent Rs. 20000 PM. So my query is....1) can i avail the 30% deduction of income from house & property u/s 24A...2) can i avail the deduction of intrest paid on housing loan upto 2 Lacs u/s 24B......3) can i avail the deduction of payment relate to principle amount upto 1.5 Lacs u/s 80C,
Also clarify any criteria relate to housing loan to avail these deductions?
Regds
Anmol
I had purchased the flat by taking housing loan from bank. But i have given my flat on rent Rs. 20000 PM. So my query is....1) can i avail the 30% deduction of income from house & property u/s 24A...2) can i avail the deduction of intrest paid on housing loan upto 2 Lacs u/s 24B......3) can i avail the deduction of payment relate to principle amount upto 1.5 Lacs u/s 80C,
Also clarify any criteria relate to housing loan to avail these deductions?
Regds
Anmol
01 February 2017
1. Yes
2. Full amount of the interest payable for the year can be claimed u/s 24(b).
3. 80C can be claimed for the principal repaid.
4. Criteria for (3) above - Pl see 80C(2)(xviii).
2. Full amount of the interest payable for the year can be claimed u/s 24(b).
3. 80C can be claimed for the principal repaid.
4. Criteria for (3) above - Pl see 80C(2)(xviii).
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