Housing loan interest - treatment

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srinath k (Querist)
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09 June 2009 Pls. let me know the treatment of interest paid on housing loan under following circumstances.

1. Self occupied property (office & house - in different cities)

2. Self occupied property (office & house - in same city)

2. Let out property
3. Vacant property

Can an employer consider exemption of Rs. 1,50,000/- in salary computation or employee has to show loss from HP. It is whose responsibility ?

srinath k

srinath k (Querist)
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09 June 2009 Hi

Manmohan ACA, CS

Manmohan ACA, CS (Expert)
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09 June 2009 1. Self occupied property (office & house - in different cities)

office- aloowed as business exp.
house- allowed u/s 27(b) up to limit of Rs. 30000 /150000

2. Self occupied property (office & house - in same city)

office- aloowed as business exp.
house- allowed u/s 27(b) up to limit of Rs. 30000 /150000

2. Let out property

aloowed fully u/s 24(b)

3. Vacant property

such property shall be deemed to let out property 23(4)and aloowed fully u/s 24(b)

it is at employee discreation he may provide detail of loss from HP to his emplyer or he may himself adjust the amount while filing the return

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