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Interest Paid on Loan borrowed for the purpose of Buy Prop

This query is : Resolved 

Property buy and let out on rent for commercial purpose.
Rent Income treated as Income from House Property. Is it correct ?

Total Interest Paid on borrowed capital is allowed from house property income or limit of Rs. 150000


limit is 150000 u/s 24.

author : Pravin Kulkarni
Posted On : 9/12/2008 7:47:48 PM
Property buy and let out on rent for commercial purpose.
Rent Income treated as Income from House Property. Is it correct ?

Total Interest Paid on borrowed capital is allowed from house property income or limit of Rs. 150000

Expert : Jitender
Posted On : 9/12/2008 10:13:52 PM
limit is 150000 u/s 24.

Answer: If The Property is Let-Out There is No limit For Claiming Deduction of Interest.

In case the property is let out then the whole of interest on the loan may be claimed as a deduction.

I am fully agree with Mr. Ramesh and Nitin

SORRY TO SAY ,FIRST ANSWER IS WRONG.


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