Interest on borrowed capital of House Property
This query is : Resolved
14 July 2008
Sir
I have the following query with me.
IF a person has two properties constructed with loan from Bank.
One property is self occupied and the other is letout for others
Can he claim the interest on borrowed capital on both the houses u/s 24.
And the other query is:
Is the deduction of loan repayment, Principal deduction is 20000 for each house or 20000 for all the houses taken together
Please resolve my query
Awaiting expert responses
I have the following query with me.
IF a person has two properties constructed with loan from Bank.
One property is self occupied and the other is letout for others
Can he claim the interest on borrowed capital on both the houses u/s 24.
And the other query is:
Is the deduction of loan repayment, Principal deduction is 20000 for each house or 20000 for all the houses taken together
Please resolve my query
Awaiting expert responses
14 July 2008
He can claim deduction of Interest u/s 24 for both the houses. However, the deduction of intt for self occupied property is restricted to 1,50,000/-. Deduction u/s 80C for repayment of principal is available upto the maximum limit of section 80C, i.e, Rs 100000/-.
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