income from house property
This query is : Resolved
04 December 2009
tax exemption relating to amount Rs. 30000 and Rs. 150000 as interest on borrowed loan.
Murtaza I Bhagat
(Expert)
04 December 2009
Max. upto 1,50,000/-
HUZAIFA HUSSAIN
(Expert)
04 December 2009
If the loan is taken for construction of house property prior to 1-4-1999 and the house is self occupied than deduction u/s24 towards interest is restricted to Rs.30000/- and if the loan is taken after 1-4-1999 than the maximum ceiling of deduction u/s 24 for interest payment is Rs.150000/- if the house is self occupied.
If the loan is borrowed for reconst-ruction, repairs or renewals of house property than maximum deduction on account of interest is Rs.30000/- and not Rs.150000/-.
If the loan is borrowed for reconst-ruction, repairs or renewals of house property than maximum deduction on account of interest is Rs.30000/- and not Rs.150000/-.
CA Ravi Sisodia
(Expert)
04 December 2009
yes, maximum Rs.150000
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