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Interest on loan

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(Querist)
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
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srinivasan pooranalingam

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srinivasan pooranalingam (Expert)
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.
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