Interest on loan exemption on house property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 April 2014 Dear All,

Please suggest what amount of deduction would be allowable for interest on loan for house property as per section 24 when the same property is self occupied and let out. Suppose interest amount is Rs. 300000 then under self occupied max limit is 150000/- and for let out there is no limit. hence whole 300000/- is deductible !!! is it so or some different treatment please suggest.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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21 April 2014 you have got it right.....

Rupesh Jain

Rupesh Jain (Expert)
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22 April 2014 if your house is separate two unit then you can divide the intt 50%-50% then you can claim if you are retain some part of year self occupied and some party rental then you can claim all amount on intt.

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