Interest on Housing Loan - Exemptions

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 June 2011 I am having a SELF Occupied House. I have taken a Loan from Bank and am paying EMI regularly. The total Accrued Interest in the account comes over Rs. 150000.00. As per Income Tax Act I am entitles up to Rs. 150000.00 only per year as deduction from my Salary Income.

Can the balance of Interest amount over & above Rs. 150000.00 be carried over as Loss Carried Forwards to the subsequent years for adjusting in future when the Accrued Interest for the current year falls below Rs. 150000.00?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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26 June 2011 There is a cap of max. allowable interest in case of SOP.
Since 1.50 lacs can be maximum allowable, it direcly means that beyond 1.50 lac, interest can not be claimed to be allowed.

Hence you can not carry forward amount exceeding 1.50lacs for the next year.

Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)
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26 June 2011 Maximum you can claim 1.5 lakh as interest.

But one suggestion i want from Paras Sir if that loan and house is also with co-owner. than can co-owner claim rest amount?

Abhishek Ranjan Singh
ARS Solutions
+91 9022838615
email2ars@gmail.com

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