Interest paid on housing loan
This query is : Resolved
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.?
i would like know whether i can get deduction for interest paid to housing loan.?
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/-
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'.
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'.
28 December 2011
Agreed with Warrier Sir. No upper limit in case of let out property.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Under construction property in ITR
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- Scrutiny and reopening of past returns
- PPF interest-As Exempt Income disclosure
- Building tax payment deduction in rental Income
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- F & O PROFIT REPORTING FOR AY 2026-27
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
