Rules reg income fro housse proprety-sec 24 of it act

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MK BALAKRISHNAN (Querist)

11 October 2012 I had filed Returns for AY2011-12 claiming Exemption from Interest on Borrowed Capital for a New Flat purchased at my workplace with Loanfrom a reputed Housing Company, in Sep 2010&self occupied(EMI Repayment Started in october)to the tune of Rs 79000 &also Interest on Loan for extension of an old house ownedat Native Place,jointly by me &wife(occupied by wife) anmonting to Rs10000. Total Interest claimed is Rs 89000.Why I claimed Interest on both the Properties was because the first Loan was fully repaid in Nov 2010&Interest benefit was claimed only upto october 2010,by which month alone the Interest On the New Flat Purchaed was accruing &claimed for IT exemption. Am in order in the exemption Claimed? kindly clarify
MKB Menon

Amol S Joglekar

Amol S Joglekar (Expert)

11 October 2012 claiming 79000 interest on borrowed capital is justified. The rest of 10000 is not clear. Can you please clarify. Interest on housing loan for self occupied property can be claimed. Some where you are saying loan for extension.... please clarify

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