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Income from House Property

This query is : Resolved 
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(Querist)
07 February 2009 Hi,
Just I want to clear my doubt on following points.

1.Whether Principal portion paid on loan taken for House for which possession w'ld be given after 2 years w'ld get lapsed, unlike Interest which w'ld be allowed in 5 equal instalments.

2.Is the limit of Rs 1.5Lacs is also applicable if I have only one House,which is given on rent& I am living in rented accomodation?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
07 February 2009 1. It lapses according to my opinion.
2. If property is let out > Rs.1.50 Lakhs can be claimed.
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Randeep Singh

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Randeep Singh (Querist)
07 February 2009
It means if House is given on rent (assuming no other HP),then there is no limit of interest,we can claim whatever interest we have paid in FY.
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Randeep Singh

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Randeep Singh (Querist)
08 February 2009 Pls reply, still waiting.
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CA. Aryendra

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CA. Aryendra (Expert)
08 February 2009 Dear Randeep - In case of let out proerty, there is no limit you can claim whatever interest you have paid
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