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Interest Allowable u/s 24

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(Querist)
10 January 2011 Mr. raised two loan from bank for construction of house, first loan was taken for Rs. 500000/- on 1.11.98 and second loan was taken on 01.10.99 for Rs. 800000/- construction of house completed on 31.3.2000 , i have a query,

Q - Is interest allowable u/s 24 is applicable for the both or extent of Rs. 150000/- only.

(for the extent of Rs 30000/- for first loan

for the extent of Rs. 150000/- for second loan)
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Manek Amit

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Manek Amit (Expert)
11 January 2011 for the first loan independently interest should not exceed Rs. 30000 while for combined interest of both loan
total interest should not exceed rs. 150000
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