Interest on sop

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nagarajan (Querist)
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21 January 2014 Hi
Assessee had one self occupied house which was financed through home loan. Further he has sold the said property during the financial year and bought another house property which is also financed through loan. My query is whether he is eligible on deduction u/s. 24 interest paid on house property for both the loans. But however throughout the year he has occupied only one house which was also being used for self residence only

Thanks...........

Nagarajan S

Nikhil Kaushik

Nikhil Kaushik (Expert)
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22 January 2014 yes..for the respective period interest paid shall be allowed.

For eg, lets say you sold the house on 30 June...so interest on the first house shall be allowed till 30 June...the interest paid on the second house shall be allowed for the period of ownership from the purchase..

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