Limit of housing loan interest

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Rajendra Singh Manwal (Querist)
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21 November 2012 Dear Sir,s

Please tell me about interest paid on housing loan. any limit of exemption. on tax ? if house is self occupied and if house given on rent ?

Thanks & Rgds

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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21 November 2012 Interest on housing is allowed as deduction u/s 24 under the head Income from House Property.

1. In case of self occupied property there is no income and accordingly there will be a loss under this head.

The deduction is restricted to Rs. 1,50,000.

2. In case of let out property, there is NO limit.

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