Interest paid on housing loan
This query is : Resolved
Chandra Kala
(Querist)
02 March 2021
Interest paid or payable for more than 2,00,000 can be claimed out of rental income
Ganeshbabu K
(Expert)
02 March 2021
1)For let out property, there is no upper limit for claiming interest. However, the overall loss one can claim under the head of House Property is restricted to Rs 2 lakh only. This Deduction can be claimed from the year in which construction of the house is completed.
2)Remaining loss can be carried forward to future years - 8 years in total. However, in these 8 years, it can only be set off from income from house property.
2)Remaining loss can be carried forward to future years - 8 years in total. However, in these 8 years, it can only be set off from income from house property.
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