interest on house property

This query is : Resolved

Deepak Shettigar (Querist)
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08 April 2010 I have a let out property and i have taken a loan for the property on 1/7/2007 i.e after 1/4/1999 and my interest on loan comes to 31250. what is maximum interest that i can deduct whether 30000 or 31250. whether date of 1/4/1999 should be considered for limit of let out property. i know this limit is applicable for self occupied property but what about let out and other properties.Reply here . if possible also mail me at deepmajic_85@yahoo.co.in

Aditya Maheshwari

Aditya Maheshwari (Expert)
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08 April 2010 the limit for interest is on self occupied property and not on let out

So full deduction allowable

shakuntala chhangani

shakuntala chhangani (Expert)
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08 April 2010 when the loan is taken for repairs, renewals or reconstruction, the date is not relevant. The max. deductible amount u/s 24(b) is Rs. 30,000 whether it is before or after 1/4/1999. However, this limit is applicable only for the property covered u/s 23(2) i.e.SOP, u can claim full deduction in case of let out property.
Regards, CA Shakuntala Chhangani

Deepak Shettigar

Deepak Shettigar (Querist)
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08 April 2010 thanks Aditya even i solved the problems with same funda but i have problem with Tax man Vinod K Singania CA PCC Page No. 230 problem no.69.1-3e1. Its unsolved problem but i think they have taken a deduction of only 30000 instead of 31250.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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08 April 2010 I think full deduction should be allowed. Cannot comment why alternative treatment may have been taken by Sighgania.

Deepak Shettigar

Deepak Shettigar (Querist)
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08 April 2010 will publish sum tomorrow