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Interest paid on housing loan

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Guest (Querist)
24 October 2013 Hi

kindly resolve the following

1. EMI towards housing loan for my own house
Interest Portion Rs. 161450

2. EMI towards housing loan for a property rent out to others
Interest Portion Rs. 314578


Sir

Kindly explain me regarding the allowablity of interest in EMI in both the above cases

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Dintakurthi Tirumala

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Dintakurthi Tirumala (Expert)
24 October 2013 According to the section 24(b) Of Income tax act,1961 interest on housing loan eligible for deduction for self occupied property upto maximum of Rs.1,50,000 and for let out property no limit for deduction subject to the debited to the loan account by the bank towards interest.

Thus for your case for the self occupied property you will get deduction of Rs.1,50,000 and for let out property Rs.3,14,578 thus total deduction u/s 24(b) available to you is Rs.4,64,578.

OM SAI SRI SAI JAI JAI SAI
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