INTEREST ON HSG LOAN & INT ON LOAN FOR REPAIRS

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This query is : Resolved

CA Abhishek Singh (Querist)

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)

25 December 2009 YOur deduction amount should be 180000/-

Murtaza I Bhagat

Murtaza I Bhagat (Expert)

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)

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)

25 December 2009 Yes ,Two deductions are separate agree with Anjani

CA H M JOHARI

CA H M JOHARI (Expert)

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)

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.

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