Interest on Housing Loan


This query is : Resolved 

21 July 2009 I have taken a housing loan The Ground Floor is given on rental and First Floor is used for Self Occupied.I want to know how should I claim the Interest amount in my Income Tax return.The Interest amount is Rs.88000/- and Principal is Rs.36000.The Interest is fully exempted or 50% as I am using the 50% of property for self occupied.
Thanks

umesh gupta (Expert)
21 July 2009 DIVIDE YOUR INTEREST IN PROPORTION TO AREA YOU SELF OCCUPIED AREA YOU LET OUT.NOW WHILE WHILE CALCULATING INCOME UNDER SELF OCCUPIED HOUSE YOU CAN CLAIM INTEREST WHICH RELATE TO SELF OCCUPIED HOUSE UPTO RS100000/- AND WHILE CALCULATING INCOME FROM LET OUT HOUSE YOU CAN CLAIM WHOLE INTEREST WHICH RELATE TO LET OUT AREA.

21 July 2009 agree

21 July 2009 ya same as mr umesh


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