Relating to deduction u/s 24(b).

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This query is : Resolved

Manoj Pandit (Querist)

09 December 2013 the assessee is owner of 2houses(i.e.a&b). he took loan for the construction of house b only which is sop.. as per the provisions he can claim to the total of 150000 interest amount paid by him including pre-completion period interest. Query is: 1. can he claim this interest amount from his both house properties..?? 2. if interest amount exceeds 150000, is it possible to claim the excessive amount of interest from the other house..?!(i.e. deemed sop or lop).. Thank You in advance.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

09 December 2013 1. He has to claim the interest against the NIL net annual value of the SOP
2. He has to show income from the other house property.
3. The income of SOP and Let out or deemed let out property can be merged. The Net Income from property is , thus becomes taxable. This may be a loss also.
4. Interest limit is Rs 150000/-. Excess can not be set off against other income.
.

CA VISHNU GAVKARE

CA VISHNU GAVKARE (Expert)

09 December 2013 Agreed with Paras Sir...
You can not claim interest more than 1,50,000 in respect of SOP. In case you have 2 sop then any one of them at your option needs to be declared as DLOP and pay tax on the same. in that case full interest in respect of DLOP will be allowed.

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