Limit of housing loan interest
This query is : Resolved
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
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
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.
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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