Interest on housing loan u/s 24
This query is : Resolved
01 April 2015
Hi,
As per income tax act sec 24, where any property acquired, constructed, repaired, renewed or reconstructed with borrowed capital, the amount of any interest payable on such capital is allowed as deduction from Income.
Presently, limit on interest on house property is Rs.1,50,000/- and increased to Rs.2,00,000/-.
My question is, act says "the amount of deduction under this clause shall not exceed 1.5 Laks" but doesn't say amount paid or 1.5 lak which ever is less. i.e if any person pays lesser amount say 1Lakh. can he claim deduction of 1.5 lak.
please advice whether he can claim 1.5 lak or not. please share any case laws or any information in this regard.
thanks in advance.
As per income tax act sec 24, where any property acquired, constructed, repaired, renewed or reconstructed with borrowed capital, the amount of any interest payable on such capital is allowed as deduction from Income.
Presently, limit on interest on house property is Rs.1,50,000/- and increased to Rs.2,00,000/-.
My question is, act says "the amount of deduction under this clause shall not exceed 1.5 Laks" but doesn't say amount paid or 1.5 lak which ever is less. i.e if any person pays lesser amount say 1Lakh. can he claim deduction of 1.5 lak.
please advice whether he can claim 1.5 lak or not. please share any case laws or any information in this regard.
thanks in advance.
01 April 2015
The limit is incase if some1 pays 2 lakhs as int on sop and satisfying all condition in it then the limit is restricted to 1.50 lakhs only as that is upper limit.
if some1 pays only 1 lakhs interest as actual payment then how can he claim 1.50 lakhs?
if some1 pays only 1 lakhs interest as actual payment then how can he claim 1.50 lakhs?
Message likes :
1 times
01 April 2015
The limit is incase if some1 pays 2 lakhs as int on sop and satisfying all condition in it then the limit is restricted to 1.50 lakhs only as that is upper limit.
if some1 pays only 1 lakhs interest as actual payment then how can he claim 1.50 lakhs?
if some1 pays only 1 lakhs interest as actual payment then how can he claim 1.50 lakhs?
01 April 2015
Section 24(b) doesn't say that interest should be 'PAID' ,hence the wordings viz., THE AMOUNT OF DEDUCTION UNDER THIS CLAUSE SHALL NOT EXCEED has been put in the proviso to the said section.
Message likes :
1 times
02 April 2015
that means he can claim only to the extent of amount paid.
thanks for reply..
thanks for reply..
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
- STCG....................................................
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales return eway bill
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- TAN for Partnership
- Free lancer income
- Is it compulsory to File 10E if Income including Pension Arrears is below 12 Lakh for the F Y 25 26
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- STCG FOR GOLD ETFs
- Suggestions required for income tax filing-software (FY 2025-26)
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
