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income from house property

This query is : Resolved 
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(Querist)
02 February 2009 Dear Members,
Please clarify the following matters.
1.if the income from house property is less than the interest paid, we have to take it as negative know.
2. The interest and Principal both together 1.50 lakhs is the exemption limit for the year or only interest part.
like 89k interest paid, receipt from house property 72k, and principal 717k paid during the year.
the negative income is -17k, and the exemption limit is upto this or 150k-72k = -78k. Please explain.

Thanks in advance.
Amar.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
02 February 2009 1) Income from property can be -ve.
2) Maximum amount of Rs.1.50 laks is for interest alone.
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