Interest deduction on home loan
This query is : Resolved
02 August 2018
In our organization one of the employee has two home loans one is in Lucknow (own place) the another one is in hyderabad(work place). Lucknow house is letout and hyderabad house is self occupied. But he is paying interest 2.5 lacks for lucknow house and 2.5 lacks for hyderabad what is the maximum deduction under home loan interest please clarify to me. thanking you
02 August 2018
1. Let out property , no limit
2. Self occupied 2,00,000.
2. Self occupied 2,00,000.
02 August 2018
Thanking you sir can I take Interest 2.5 lakhs for let out and 2 lakhs for self occupied total 4.5 lakhs under 24(b)?
02 August 2018
Dear Sir
After Changes in Income Tax Law, Now both for Self Occupied and Let Out Property, Interest Limit is restricted to Rs.2,00,000/- Only. Maximum Interest Allowed is Rs.2,00,000/- Per Annum under Section -24. However, Excess Interest Paid Can be carried forward for Next 8 Years
After Changes in Income Tax Law, Now both for Self Occupied and Let Out Property, Interest Limit is restricted to Rs.2,00,000/- Only. Maximum Interest Allowed is Rs.2,00,000/- Per Annum under Section -24. However, Excess Interest Paid Can be carried forward for Next 8 Years
02 August 2018
@ Sharma Ji
My observation was confined to 24(b) only while you combined 24(b) with 71(3A)
ie all.
My observation was confined to 24(b) only while you combined 24(b) with 71(3A)
ie all.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Gst registered proprietorship firm
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Price inclusive or exclusive of GST while made entry in P& L Account
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- Minimum tax payable to file Updated return
- Change Of Karta In Case of Death
- GST Intimation due to Government took possession of Business Premises under PPE Act
- Tax rate change regarding
- UDIN ISSUE
- TDS on purchase of under construction property from a reseller
- Non filing of I T Returns
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
