Interest on loan
This query is : Resolved
17 December 2008
What is the maximum limit available to claim the deduction under Sec 24(b) as relates to interest on housing loan in case of rented property
17 December 2008
1) If the property is self-occupied, the maximum amount eligible to be claimed as deduction is Rs. 1,50,000/- or actual interest amount, whichever is less.
2) If it is a let out property, the actual interest amount is eligible to be claimed as deduction u/s. 24 of the IT Act, 1961.
1) If the property is self-occupied, the maximum amount eligible to be claimed as deduction is Rs. 1,50,000/- or actual interest amount, whichever is less.
2) If it is a let out property, the actual interest amount is eligible to be claimed as deduction u/s. 24 of the IT Act, 1961.
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