Query
This query is : Resolved
21 October 2014
income under head house property deduction 24(b) when the amount of deduction is 30000 and when amount of deduction 150000
Nikhil Kaushik
(Expert)
21 October 2014
for self occupied property, normally the limit for the deduction shall be Rs 1.5 lakhs. However, where the the loan is taken for construction but the construction is not completed within 3 years, limit shall be RS 30000.
Nikhil Kaushik
(Expert)
21 October 2014
for self occupied property, normally the limit for the deduction shall be Rs 1.5 lakhs. However, where the the loan is taken for construction but the construction is not completed within 3 years, limit shall be RS 30000.
21 October 2014
Further, If you avail a loan for doing the renovation, then you can claim the interest paid on this loan as a tax deduction subject to a cap of Rs.30,000 per fiscal in case of a self-occupied property. If the property has been let out, full interest should be allowed as deduction.
22 October 2014
Agree to d experts.. and also take Care about one thing that loan should have been obtained after 01.04.99 and construction completed in 3 years and it is self occupied then 150000 if d above two conditions do not satisfy then 30000 however if d property is letout then no limit..
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