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Interest paid on housing loan

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(Querist)
27 December 2011 i am staying with my father . i am purchased a flat & taking housing loan from hdfc . & flat given on leave lic basis & rent received.

i would like know whether i can get deduction for interest paid to housing loan.?
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Mihir

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Mihir (Expert)
27 December 2011 yes. you can claim deduction for housing loan interest
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
28 December 2011 Since the house property has been let out, the maximum amount of deduction in respect to interest is Rs. 1,50,000/-
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
28 December 2011 Mr.Bhardwaj
The interest cap is for self occupied property only. Here, the property being let out, the conditions as in proviso to section 24(b) read along with section 23(2) of the IT Act,1961 does not attract meaning thereby interest more than Rs.1,50,000/-, if any due,
can be claimed while calculating 'income from house property'.
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CMA Arif Farooqui

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CMA Arif Farooqui (Expert)
28 December 2011 Agreed with Warrier Sir. No upper limit in case of let out property.
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