Interest on Borrowed Capital and Income from House Property
This query is : Resolved
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
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
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.
And, you are eligible to claim the principal repayment u/s 80 c.
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.
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.
20 June 2009
Since the properties are let-out, there is no limit for claiming interest u/s 24(b).
21 June 2009
I am agree with Mr. Nikhil and Nitin
21 June 2009
i agree with Mr. Nikhil and Nitin
22 June 2009
agree with nikil
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