Interest allowable on let out house
This query is : Resolved
M VENKAT REDDY
(Querist)
19 June 2012
Dear Sir,
I have two houses in Pune. One is sef occupied & another is given on rent. Iam paying Interest on Housing loan for Self occupied Rs 175000/- & on rent given house Rs 225000/-. How much interest deductable on let out House ? Any restruction on amount as like self occupied Rs 150000/-.Please go through below my working & correct me.
Rent received - Rs 180000
Muncipal Taxes paid - Rs 10000
-----------------------------------
Net value Rs 170000
Standard Deuction - 30% Rs 51000
Interest on Loan Rs 225000
-----------------------------------
Loss on House property Rs 106000
I have two houses in Pune. One is sef occupied & another is given on rent. Iam paying Interest on Housing loan for Self occupied Rs 175000/- & on rent given house Rs 225000/-. How much interest deductable on let out House ? Any restruction on amount as like self occupied Rs 150000/-.Please go through below my working & correct me.
Rent received - Rs 180000
Muncipal Taxes paid - Rs 10000
-----------------------------------
Net value Rs 170000
Standard Deuction - 30% Rs 51000
Interest on Loan Rs 225000
-----------------------------------
Loss on House property Rs 106000
CA CS Amit S. Kedia
(Expert)
19 June 2012
Loss from house property will be as follows-
Loss as computed by you on let out property= Rs.106000
Loss from SOP= Rs. 150000(Interest max Rs 150000 is allowed)
Total Loss= Rs.256000
Loss as computed by you on let out property= Rs.106000
Loss from SOP= Rs. 150000(Interest max Rs 150000 is allowed)
Total Loss= Rs.256000
Gajendra R. Tiwari
(Expert)
19 June 2012
There is not Restriction & Maximum limit on Interest paid on housing loan for let out property.
Agreed with Amit Kedia sir.
Agreed with Amit Kedia sir.
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