interest on house property

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This query is : Resolved

Deepak Shettigar (Querist)

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)

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)

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)

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)

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)

08 April 2010 will publish sum tomorrow