Intrest Deduction on Rented Housing Loan

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AMIT KUMAR (Querist)
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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.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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08 November 2010 Interest paid will be reduced from your rental income. Full deduction of interest not possible.

taxindiaconnect

taxindiaconnect (Expert)
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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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