Interest on mortgage loan
This query is : Resolved
CA Sanjay Baheti
(Querist)
02 October 2014
One of my client being an Individual has taken Mortgage Loan against Self occupied House Property for its renovation from Private Bank viz ICICI Bank.
The renovation is yet to be completed & expected to completed within 6 Months from the date of Loan sanctioned.
Now query is whether my client can claim Interest on said borrowings as admissible deduction under section 24 b of the I.T. Act without any maximum ceiling for said deduction as per law.
The renovation is yet to be completed & expected to completed within 6 Months from the date of Loan sanctioned.
Now query is whether my client can claim Interest on said borrowings as admissible deduction under section 24 b of the I.T. Act without any maximum ceiling for said deduction as per law.
Nikhil Kaushik
(Expert)
03 October 2014
against a self occupied property, the deduction shall be restricted to Rs 2 lakhs only.
CA Sanjay Baheti
(Querist)
03 October 2014
Thanks for early reply.However again confirm whether the Interest paid on such borrowing against Mortgage Loan is admissible as deduction under section 24 b of I.T.Act or not subject to maximum ceiling Rs.2 Lacs so far Self-occupied House Property is concerned under Income from House Property.
Please confirm with yes or no.
Please confirm with yes or no.
Nikhil Kaushik
(Expert)
03 October 2014
i have already confirmed...please read the Section 24 to satisfy yourself.
06 October 2014
yes correctly ans ... agrred with nikhil's view
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