Intrest Deduction on Rented Housing Loan
This query is : Resolved
AMIT KUMAR
(Querist)
08 November 2010
Pl tell me the allowable Interest Deduction of own Rented House.
Foe Example : I am Salaried Person and paying Interest for Housing Loan Which i let out to some one ...Is there any provision to take deduction of Interest of rented house as per Income Tax Law/Rule.
Foe Example : I am Salaried Person and paying Interest for Housing Loan Which i let out to some one ...Is there any provision to take deduction of Interest of rented house as per Income Tax Law/Rule.
Aditya Maheshwari
(Expert)
08 November 2010
Interest paid will be reduced from your rental income. Full deduction of interest not possible.
taxindiaconnect
(Expert)
08 November 2010
If the house is let out, the entire interest shall be deductible from your rental income. if the interest is more then rental income, the loss from house property shall be computed which can be adjusted against income from other heads during the year. Even you employer shall consider such loss from property for deduction of TDS.
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