Interest on Borrowings for house property
This query is : Resolved
02 February 2011
Respected Experts,
If a person has got 2 house property & for both the property he has taken 2 spearate loans relating to the each house - now regarding interest how much amount will be allowed as deduction - is it for 2 house properties Rs 150000 or for one house property Rs 150000 & for other property which is already let out is eligible for Interest deduction without any celling.
Pls guid
Thanks
Debashis Mandal
If a person has got 2 house property & for both the property he has taken 2 spearate loans relating to the each house - now regarding interest how much amount will be allowed as deduction - is it for 2 house properties Rs 150000 or for one house property Rs 150000 & for other property which is already let out is eligible for Interest deduction without any celling.
Pls guid
Thanks
Debashis Mandal
03 February 2011
Maximum amount Rs. 1.5 lakhs , whether one house or two house , no matter.
04 February 2011
Yes the maximum amount available as deduction is 1.5 lacs
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