Interest on Borrowed Capital and Income from House Property

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Vivek Handa (Querist)
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20 June 2009 Dear all

I own two different properties which are let out for the whole year and I am receiving rent. To construct these properties I raised two different loans from banks and have paid Rs 138000/- and Rs 217000/- as interest.
My question is: whether I will get the whole amount of interest paid by me as deduction or only Rs 150000/- ceiling shall be applicable.
And also whether I will be eligible to claim deduction u/s 80C for the payment of the principal part of the loan

Thanks in advance

CA.Nikhil Gupta

CA.Nikhil Gupta (Expert)
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20 June 2009 There is no limit to claim the interest repayment in case of let out house, u can claim the actual repayment. Limit of 1.5 lacs is for self occupied house.

And, you are eligible to claim the principal repayment u/s 80 c.

Ratan Sharma

Ratan Sharma (Expert)
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20 June 2009 Hi,
Only one residential house can be considered for availing deduction of interest u/s. 24. As you are owning 2 residential properties u can opt for any house as a self occupied property. U can claim the deduction u/s. 80C.

CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)
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20 June 2009 Since the properties are let-out, there is no limit for claiming interest u/s 24(b).

Deepak Goel

Deepak Goel (Expert)
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21 June 2009 I am agree with Mr. Nikhil and Nitin

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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21 June 2009 i agree with Mr. Nikhil and Nitin

CMA Ankur Pandey

CMA Ankur Pandey (Expert)
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22 June 2009 agree with nikil

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