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
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- TAN for Partnership
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Treatment of Pension ?annuity returns on PMVY
- Free lancer income
- LTCG for Assmt year 26-27
- CA IPCC Registeration in 2012, Is my registration Active or Expired
- Last year TDS Claim
- Loan by Partnership Firm
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
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
