section 24 (b)

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CA Dipanweeta Mukherjee (Querist)
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25 September 2009 A private limited company has taken loan to construct a house property and has accumulated interest of 12.5 lacs . The property is being rented to more than one tenants in the FY 08-09.
1. u/s 24(b) maximum interest on loan available is 1.5 lacs. Is the assessee entitled to get deduction u/s 24(b) of Rs 1.5 lacs on each let out property?
For example if the assessee has let out two floors of the house property to two different tenants and deriving income of 15 lacs each and incurred interest on house property of 5 lacs can the assess avail exemption u/s 24 (b) of Rs 3lacs
2. Can the company avail deduction of above mentioned Rs 12.5 lacs interest on loan in a single year?

Rajeev

Rajeev (Expert)
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25 September 2009 i think the limit of 1.5 lakhs is only for self occupied property .

In case of a let out property there is no limit , i guess the whole interest can be claimed , so i think u can claim 12.5 laks as interest , it should be noted that interest should be claimed on due basis and not on payment basis

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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26 September 2009 In case of let out property interest on due basis can be claimed u/s 24(b) without limit.

Ankur Garg

Ankur Garg (Expert)
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26 September 2009 Agree

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