INTEREST ON HSG LOAN & INT ON LOAN FOR REPAIRS

This query is : Resolved

CA Abhishek Singh (Querist)
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24 December 2009 HELLO EVERYONE

MAXIMUM DEDUCTION FOR HSG LOAN INT ON SOP IS 150000/- & INT ON LOAN TAKEN FOR REPAIRS IN RS.30000/-

CASE :
INT ON HSG LOAN(SOP): RS. 150000/-
INT ON LOAN FOR REPAIRS : RS. 30000/-

WHAT WILL BE THE DEDUCTION U/S. 24B?

Anjani Pratap Tiwari

Anjani Pratap Tiwari (Expert)
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25 December 2009 YOur deduction amount should be 180000/-

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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25 December 2009 u/s 24b in case of self occupied house property max. upto 150000/-
Rs.30000 Generally (higher deductions are allowable only where the capital is borrowed after 01.04.99 and property is acquired/constructed within 3yrs from the end of FY in which capital was borrowed.)

Anjani Pratap Tiwari

Anjani Pratap Tiwari (Expert)
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25 December 2009 The maximum limit explained in 24b for two cases:- one is for construction or acquisition and other is for repiar or renovation 1,50000/- and 30000/- respectively. These two items are separate and not either.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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25 December 2009 Yes ,Two deductions are separate agree with Anjani

CA H M JOHARI

CA H M JOHARI (Expert)
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26 December 2009 Deduction amount under section 24 b is Rs. 150000/- maximum (including Loan for Repairs etc.) (for self occupied property) i.e if loan is taken after 01.04.99 and property is acquired/constructed within 3yrs from the end of FY in which capital was borrowed

Anjani Pratap Tiwari

Anjani Pratap Tiwari (Expert)
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28 December 2009 I have not gone through such a clause in 24b (including Loan for Repairs etc.)PLease mention from where u have got it.