Interest on housing loan
This query is : Resolved
17 October 2013
In which section is interest on housing loan allowed as a deduction...?
and wat is the limit.?
17 October 2013
Hi
U/s 24. No limit for let out property.
Rs. 1.50 lac for Self owned property.
Thanks//VaibhavJ
U/s 24. No limit for let out property.
Rs. 1.50 lac for Self owned property.
Thanks//VaibhavJ
17 October 2013
Tax savings for Home loan interest under Section 24B,
The interest component of home loans is allowed as deduction under Section 24 B for up to Rs1.5 lakh in case of a self-occupied house.
A person taking a loan for his first home from a bank or a housing finance corporation up to Rs25lakh during the period 1 April 2013 to 31 March 2014 will be entitled to an additional deduction of interest of up to Rs1 lakh.
If the limit is not exhausted, the balance may be claimed in 2015-16. This deduction will be over and above the deduction of Rs1.5lakh allowed for self-occupied properties under section 24 of the Income-tax Act.
The interest component of home loans is allowed as deduction under Section 24 B for up to Rs1.5 lakh in case of a self-occupied house.
A person taking a loan for his first home from a bank or a housing finance corporation up to Rs25lakh during the period 1 April 2013 to 31 March 2014 will be entitled to an additional deduction of interest of up to Rs1 lakh.
If the limit is not exhausted, the balance may be claimed in 2015-16. This deduction will be over and above the deduction of Rs1.5lakh allowed for self-occupied properties under section 24 of the Income-tax Act.
Message likes :
1 times
17 October 2013
Thanks for the update Aryan.
17 October 2013
Both of you are Welcome with utmost respect...
18 October 2013
Yes correctly updated sec has been provided by Aryan.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS on Purchase of Immovable Property by NRI from NRI
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Capital gain from sale of house property
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- SFT Cash Deposit in Current Account
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- Annual return in Gst
- FORM 26A APPLICABILITY
- Value of property in capital gain
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
