Interest on borrowed capital under house property
This query is : Resolved
05 March 2014
Hello,
One person owns two house, one of them is self-occupied and another is occupied by his parents. Whether interest on borrowed capital is taken as deduction under the head house property for both the houses ?
If yes, then what is its treatment and how it is taken ?
Thanks in advance.
One person owns two house, one of them is self-occupied and another is occupied by his parents. Whether interest on borrowed capital is taken as deduction under the head house property for both the houses ?
If yes, then what is its treatment and how it is taken ?
Thanks in advance.
05 March 2014
yes interest shall be allowed on both the houses. On self occupied property, interest shall be restricted to Rs 1.5 lakhs.
the other property shall be deemed to be let out and full interest shall be allowed against it without any limit.
the other property shall be deemed to be let out and full interest shall be allowed against it without any limit.
05 March 2014
Thank you very much, sir
05 March 2014
you are welcome khyati
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