Interest under sec 24(b)
This query is : Resolved
28 November 2016
The assessee has two self occupied properties in the Same financial year.
The first property is occupied for the period 1st April to 30 th June.and this property has been sold and the entire loan is repaid against the property and later new property was purchased after 31st June and brought a new loan against the new property.
Please let me know how are the deductions available under 24(b) and 80c
The first property is occupied for the period 1st April to 30 th June.and this property has been sold and the entire loan is repaid against the property and later new property was purchased after 31st June and brought a new loan against the new property.
Please let me know how are the deductions available under 24(b) and 80c
30 November 2016
For the first self occupied house .....
Interest paid on home loan during April to June will be claimed u/s 24(b) for one self occupied house....and on repayment of such home loan , principal amount excluding such interest will be claimed u/s 80 C.
SAME PROCEDURE WILL BE APPLICABLE ON ANOTHER SELF OCCUPIED HOUSE PROPERTY AFTER DISPOSING FIRST HOUSE PROPERTY.
Interest paid on home loan during April to June will be claimed u/s 24(b) for one self occupied house....and on repayment of such home loan , principal amount excluding such interest will be claimed u/s 80 C.
SAME PROCEDURE WILL BE APPLICABLE ON ANOTHER SELF OCCUPIED HOUSE PROPERTY AFTER DISPOSING FIRST HOUSE PROPERTY.
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